Aleksandr Gryaznov: There are companies in Armenia that can become clients of S&P

ArmInfo. Due to the Central Bank of Armenia (CBA) and HSBC Bank joint initiative, Armenia may enter the list of countries, which use services of S&P Global Ratings. At this background event was held in Yerevan on July 29 attached to the opportunities being provided in case of receiving S&P rating by real and financial sectors of the country. Deputy Chairman of the Central Bank of Armenia Nerses Yeritsyan presented the bank in the event, CEO Paul Edgar presented HSBC Bank Armenia and S&P was presented by the Director of corporate ratings for S&P Global Alexander Gryaznov.

According to Yeritsyan there are companies in Armenia that meet the standards of S&P for getting the rating, which will contribute to inflow of funds to Armenia. "Due to rating Armenia will be able to enter international market of capital ensuring accessibility to international investments. Rating shows the level of creditworthiness of the company without necessity to provide additional guarantees", he noted. In this context he also emphasized the importance of the rating considering the increase of the population's savings. At the same time Yeritsyan highly assessed the Armenian banks' capacities in terms of receiving rating and entering international monetary market. According to him on the current stage only 5 Armenian banks have international ratings.

Head of HSBC in Armenia Paul Edgar noted in his welcome speech that the bank in turn is glad for the opportunity to assist in introduction of the international standards in the country trough the given initiative.  "Rating will serve as a guideline in terms of evaluating the risks and will ensure accessibility to the best terms of financing", he said.

Director of corporate ratings for S&P Global Alexander Gryaznov presented the details and procedures of providing the rating and noted that there are companies in Armenia which may become clients of S&P. "Today it is very important for us to come and meet with the representatives of Armenian companies and banks. Certainly, we would like to enhance our presence in the world and the Armenian market is not an exclusion", he said. According to Gryaznov due provision of the rating will contribute to attracting international capital to Armenia.

To note, S&P Global Ratings and its predecessor organizations have been in business for more than 150 years. It is the leading world provider of credit ratings. It has more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. S&P has representative offices in 26 countries of the world employing more than 1400 credit analysts.