Fitch rates Armenia's ACBA-Credit Agricole Bank ‘B+’; Outlook Stable

PanARMENIAN.Net - Fitch Ratings has assigned Armenia’s ACBA-Credit Agricole Bank CJSC ratings of Long-term Issuer Default (IDR) ‘B+’ with Stable Outlook.

According to the report, the bank received such an assessment due to its internal financial viability.

The assessment took into account the fact that ACBA is engaged in financing of the agricultural sector, as well as infrastructure saturation, including the presence of branches in all the provinces of the country, and a high level of liquidity.

The Fitch report also notes that in a complex macroeconomic environment, the bank has in recent years focused on improving the quality of assets, as a result of which it has managed to limit the rapid growth of its loan portfolio.

All this, in turn, helped and will in the future stimulate a decrease in the riskiness of assets and growth in profitability.

The assessment received from Fitch is the highest for companies in Armenia. It confirms the transparent financial structure and the leading position of ACBA-Credit Agricole Bank.