Fitch Ratings withdraws VTB Bank Armenia ratingsAugust 17, 2010 - 11:39 AMT PanARMENIAN.Net - Fitch Ratings has affirmed and withdrawn the ratings of VTB Bank Armenia (VTBA), including its Long-term Issuer Default ratings (IDR) at 'BB', cbonds.info reported. The IDRs of VTBA reflect Fitch's view of the moderate probability of support being forthcoming, if required, from its owner, Russia's JSC VTB Bank (VTB; 'BBB'/Stable/'F3'). This is based on VTB's 100% ownership, the strategic importance of CIS markets for VTB and the small size of VTBA relative to its parent. However, the extent to which this support can be factored into the ratings is limited by Armenian transfer and convertibility risks, as captured in the 'BB' Country Ceiling. The Individual Rating of 'D/E' reflects the high proportion of foreign currency loans, operational risks associated with its branch network, the still significant dependence on the parent for funding and liquidity support and a difficult, albeit improving, operating environment. However, it also takes into account the bank's solid capitalization, the recent stabilization of asset quality metrics and the significant domestic franchise. VTBA held 10% of sector loans and 7% of retail deposits at end-Q110. Fitch will no longer provide ratings or analytical coverage of VTBA. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. |