Moody's to reassess government support to bank debtFebruary 16, 2011 - 18:29 AMT PanARMENIAN.Net - Moody's Investors Service said that it will reassess the level of government support in its debt ratings of banks, which could result in the credit rating agency downgrading its ratings on bank subordinated debt across several countries. In total, Moody's said it will reassess the subordinated debt instruments of 177 banking entities across 46 countries. The decision was driven by moves to reform banking regulations and give regulators greater powers in dealing with distressed banks, the rating agency said. "These reforms demonstrate the increased willingness and capacity of governments to share with debtholders the cost of bailing out a failing bank," Moody's said. It added that the reassessment includes the European Union countries where it currently has bank ratings under review, MarketWatch reported. 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 | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |