Moody’s Ratings has today upgraded ID Bank’s long-term local and foreign currency bank deposit ratings to Ba3 from B1 and maintained the stable outlook.

Concurrently, Moody’s upgraded the bank’s Baseline Credit Assessment (BCA) and Adjusted BCA to ba3 from b1, upgraded the bank’s long-term local and foreign currency Counterparty Risk Ratings (CRRs) to Ba2 from Ba3, and upgraded the long-term Counterparty Risk Assessment (CR Assessment) to Ba2(cr) from Ba3(cr).

The long-term deposit ratings and Baseline Credit Assessment (BCA) of IDBank are at the same level as Armenia's sovereign issuer rating.

“The upgrade of IDBank’s rating reflects the material increase of the bank’s loan portfolio quality, improvements in corporate governance, as well as profitability growth in the last two years,” the bank said in a news release.

The bank is supervised by CBA.