Yerevan /Mediamax/. AmRating/GlobalRating Agency conferred “Armeconombank” OJSC “BB+”## credit rating with the forecast of “possible rise”.

As Mediamax was told in AmRating/GlobalRating, the banking analyst of the Agency Karine Melikyan stated that the given rating is based on good quality of assets, strong market position, support from main shareholders, including the institutional investor – EBRD, as well as stability against “stress” situations.

The factors, holding the rating back, according to the analyst are the sensitiveness towards political risks and the large share of retail credits in the credit portfolio, which is characterized by increase of risks.

Executive Director of AmRating/GlobalRating Emmanuel Mkrtchyan noted that the forecast of the rating is grounded by decrease of influence of political risks and expectation of market position reestablishment. According to him, an important condition for the high rating of the bank is the openness of the possession structure, and the entry of EBRD in the list of shareholders in 2005 decreased the risks of the bank’s dependence on the main shareholders and the level of political risks’ influence on the bank.

Emmanuel Mkrtchyan stressed that in connection with political events, in mid-2008 “Armeconombank” found itself among “average” banks as to the volume of assets; however it has already marked the tendency to fixing the situation and soon returning to the list of five leaders of the Armenian banking sector.