Thursday, March 10 2011 18:18

Central Bank of Armenia reduces ratings of 2 companies


ArmInfo. The Central Bank of Armenia has reduced the ratings of 2 companies and retained the ratings of 4 companies. The CBA press service told ArmInfo that the ratings of Valletta LLC, Tamara LLC, Antares LLC and Tigran Mets Printing House CJSC have remained unchanged, and the ratings of Imex Group LLC and Ashtarak Kat CJSC have been reduced by 1-4 points.

According to the source, the CBA has retained the rating of Tigran Mets Printing House CJSC at "G+" (the third letter of the Armenian alphabet) awarded on June 22 2010, the rating of Antares LLC at "G" awarded on June 22 2010, the ratings of Valletta LLC and Tamara LLC at "G-" awarded on 23 April 2010 and 26 February 2010 respectively. The rating of Ashtarak Kat CJSC has been reduced from "B+" to "G+" (the second and third letters of the Armenian alphabet), and the rating of Imex Group LLC has been reduced from "B-" to "G+". The previous ratings were awarded to the companies on 26 Feb 2010 and 23 April 2010 respectively.

The CBA conditions the considerable reduction of Ashtarak Kat CJSC with the failure to implement the CBA's decision No 1/266 dated 25 March 2008, according to which, in case of being awarded "B-", starting 1 July 2009 the company was to provide the CBA with the financial report for the previous year and the audit conclusion on this report.
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