Yerevan, February 23 /Mediamax/. Having been assigned a rating by the Moody’s Investors Service, “Armeconombank” will be able to attract long-term assets at low interest rates.

Mediamax reports that the Executive Director of the Bank David Sukiasian said this in Yerevan today, commenting on the “Moody’s Investors Service” Agency’s assigning an E+ financial stability rating (stability forecast) and B1 on long-term deposits in drams and in foreign currency to “Armeconombank”.

As the Chairman of the Central Bank of Armenia Tigran Sarkisian stated, the assignation of a rating means that “from now on “Armeconombank” is displayed the world financial map”, and the potential investors will be able to really assess the risk of the bank.

According to the CB Chairman, receiving a rating also strengthens the positions of “Armeconombank” in the banking system of Armenia.

Mediamax recalls that in early November of 2006, the International Fitch Ratings Agency assigned VTB-Armenia Bank (VTBA) ratings of Issuer Default ’BB’, Short-term ’B’, Individual ’D/E’ and Support ’3’.

“ACBA-Credit Agricole Bank” and “Inecobank” informed Mediamax in an interview in autumn of 2006 that they were holding negotiations with Fitch Ratings and Moody’s Rating Agencies.
5 other Armenian banks (“Ararat Bank”, Armenian Development Bank, “Prometey” Bank, “ITB International Trade Bank” and “Unibank”) informed that they were planning to turn for a rating to international rating agencies by the end of 2006 or in 2007.

In June 2006 Fitch assigned Armenia BB- (BB minus) sovereign credit rating with a Stable Outlook. In mid August it revised upwards the Country Ceiling for Armenia to BB level.

In July 2006, the Moody’s Investors Service International rating agency assigned Armenia Ba2 rating.