Fitch Ratings, the renowned international rating agency, from now on will rate Armenian companies as well.

This news was announced today at the first Fitch Ratings conference in Yerevan.

NASDAQ-OMX Armenia CEO Konstantin Saroyan noticed that companies working in Armenia already feel the necessity of rating, as local markets begin to open to international investors, who can’t don’t estimate and rate companies on their own.

Konstantin Saroyan also stressed the importance of rating for banking system in Armenia.

“Banks should be the first to apply for rating, because they work with multiple international partners, engage large funds from abroad and become more and more open to the public, issuing bonds and shares, etc.,” observed he.

Central Bank of Armenia Deputy Chairman Nerses Yeritsyan noted that there’s interest towards rating in Armenia, and certain private companies already applied to Fitch.

Senior Director of Financial Institution of Fitch Ratings Olga Ignatieva stated that along with rating Armenian economy the agency already rated two Armenian banks - Ameriabank and Ardshinbank.

“In case of Armenia, ratings reflect the risks that banks take by working in Armenian economic environment. These risks include the danger of devaluation of the national currency - dram, hence most deposits and loans in Armenia are in foreign currency, which makes banks vulnerable to the currency risk,” noted Olga Ignatieva.

She expressed her hope that Armenian companies, banks particularly, will actively use rating to enter capital markets.