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ArmInfo. Fitch Ratings affirmed the rating of Bank ACBA- Credit Agricole at the level of "B +" with the forecast "Stable" (long-term Issuer Default Rating - IDR - issuer rating of long-term debt obligations). As the press service of the Bank told ArmInfo, the assignment of ACBA-Credit Agricole to this rating level in the report of the agency Fitch is stipulated by a strong core of internal financial viability.
Fitch confirmed the rating of the Bank, taking into account such criteria as the exceptionally leading position of ACBA-Credit Agricole in the agro-sector lending market, high liquidity level, infrastructure saturation, including coverage of the branch network with presence in all regions of Armenia.
The Fitch report also indicates that in difficult macroeconomic conditions in recent years, the Bank has focused on improving the quality of assets: "This in turn has helped and will further reduce the level of asset risk and increase profitability." The rating assigned to the Bank is the highest rating level that can be assigned to organizations / companies functioning in Armenia. Assigning a rating similar to the country rating in the world practice to the Bank is considered a high valuation, and this Fitch Ratings assessment of ACBA-Credit Agricole activity confirms the leading positions and transparency of this financial structure. To note, in June 2017 Fitch Ratings assigned to the Bank ACBA-Credit Agricole a "B +" rating with a "Long-term Issuer Default Rating" (IDR) rating. According to the Financial Rating of Armenian Banks as of January 1, 2018, prepared by ArmInfo News Agency , ACBA-Credit Agricole Bank is included in the TOP-5 branch network coverage, and the third position is retained by the number of regional branches. On the main balance sheet indicators, the Bank holds positions in the TOP-5. The total capital of the bank at that date was 60.2 billion AMD (3rd position), assets - 311 billion (4th position), loan portfolio - 209.3 billion (4th position), total liabilities - 250.8 billion (4th position). In 2017, ACBA-Credit Agricole Bank completed with a net profit of 5.6 billion AMD (4th position), increasing it 3 times in annual terms. ACBA-Credit Agricole Bank - a permanent leader in the agricultural credit market - 76 billion AMD or over 33% of the loan portfolio of the bank, and in the total agrocredits of the banking system, the share of ACBA-Credit Agricole is about 48%. 46.5 bln AMD or over 22% of the bank's loan portfolio were invested in the SME sector. (The calculated exchange rate of AMD as of December 31, 2017 was 484.10 AMD / $ 1).
To recall, "ACBA-Credit Agricole Bank" JSC has been operating in Armenia since 1995. The majority shareholders of the bank are: the largest European banking group Credit Agricole S.A. with a 15.56% interest in the capital, after which SJSC "Sacam International" (a member of Credit Agricole S.A) - 12.44% followed by the size of participation, "ACBA Federation" JSC - 71%.
