YEREVAN, April 5. /ARKA/. Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of ACBA-CREDIT AGRICOLE BANK at the level of B + with a stable outlook, the Yerevan-based bank reported.
The Fitch said this is the highest rating assigned by Fitch to Armenia-based companies. It confirms the leading position of ACBA-CREDIT AGRICOLE BANK and its transparent financial structure. Fitch Ratings said also the bank has been assigned this rating due to its internal financial capacity.
“When assigning the rating, the bank’s absolutely leading position in financing the agricultural sector, the saturation of the infrastructure, including the presence of branches in all regions of the country, as well as a high level of liquidity, was taken into account,” the bank quoted the international rating agency as saying.
The Fitch Rating also notes that the bank has been focused on improving the quality of assets. This, in turn, helped and in the future will help reduce the riskiness of assets and increase the profitability.
ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK.