RIA Oreanda, Russia
Aug 20 2009
ARARATBANK Credit Rating Increased
Tashkent. OREANDA-NEWS . The rating agency ArmRating/GlobalRating has
raised ARARATBANK’s credit rating from BB- to BB with stable
forecast. According to the evaluation agency bank analyst K.Meliqyan,
Bank’s rating results from the stable development, positive dynamics
and maximum transparency, reported the press-centre of ARARATBANK.
The possible increase in the dependence of the resource base on the
‘on-call” resources and private investors, also increase in
sensitivity to the currency and credit risks in conditions of the
financial crisis are among the factors which block the rise of
rating. However, these factors are somehow neutralized due to the
Bank’s participation in the stabilization policy of the government
which is maintained within the framework of the World Bank Credit
programs and in conditions of of having access to the anti-crisis
recourses, which are granted to the Republic of Armenia by Russian
Federation to create productive demand by giving credits to small and
medium businesses.
The rise of ARARATBANK’s rating from ‘BB-” to "BB" with stable
forecast is also a result of the increased political resources of the
bank’s main shareholder, the maintenance of the financial stability in
conditions of the worldwide financial-economic crisis and due to the
start of the Institutional Building Plan of the Bank implemented with
the support of EUROPEAN BANK FOR RECONSTRUCTION and DEVELOPMENT.
According to the evaluation of the Head of ArmRating/GlobalRating
agency E.Lazarian, ARARATBANK has shown stable growth of its main
indicators, and in spite of the critical phenomena in the economy of
Armenia, which also touched the banking sector, it has kept the high
quality of the assets, enough liquidity and moderate sensitivity to
risks.