Fitch Ratings, an international rating agency, has upgraded the rating respective of Armeconombank from “Stable” to “Positive” and reconfirmed Long-Term Foreign-Currency Issuer Default B class Rating(Long-Term Foreign-Currency Issuer Default Rating (IDR)).

“The improvement of the rating outlook is due to the improvement of the RA sovereign rating and positive economic conditions. As a result of these positive developments, a sustained strengthening of the bank’s financial profile, in particular profitability, capitalization, funding and liquidity is anticipated,” the bank said in a news release.