Moody's Investors Service (Moody's) reviewed and upgraded today the long-term local and foreign-currency deposit ratings of Armenia's Unibank to B2.

The bank remarked that the rating agency has also upgraded Unibank's baseline credit assessment (BCA) to B3. Moody’s also affirmed the bank's Counterparty Risk Assessment (CR Assessment) to B2(cr)/Not Prime(cr). The outlook on the deposit ratings is stable.

The upgrade of Unibank's deposit ratings is driven by the recent strengthening of its capital position and improving of its assets. According to Moody’s the bank increased its total regulatory capital by 68% in 2016 compared to year-end 2015.

As a result, Unibank’s assets were estimated AMD 186,4 bn, while liabilities made AMD 150,7 bn. The bank's total capital exceeded AMD 35,7 bn.