ArmInfo.S&P Global Ratings has assigned "B-" (Local Currency LT credit rating) to ASCE Group, outlook positive, RA Minister of Economy Vahan Kerobyan reported on his Facebook page. The company's shares are listed on Armenia's Stock Exchange.
Last October Standard&Poors assigned "B+" sovereign rating to Armenia, outlook positive, for long-term liabilities in foreign and national currency. Later, the agency improved the rating for Ameriabank, revising it from "Stable" up to "Positive" and re-affirmed the long- and short-term ratings "?+/?".
ASCE Group is located in Charentsavan and a major producer of steel reinforcement. The company's output being 125,000 tons. The company's assets are around AMD 42bln ($88,677,000), and its net profits by the end of last year totaled AMD 12bln. ASCE Group is a public company, its authorized capital is AMD 9,438,576,000 (7,865,480 ordinary shares with a nominal value of AMD 1,200). Last year, the company entered the corporate bond market. The company has a 517-member staff, with average monthly wages of AMD 423,000.
This February, the Eurasian Development Bank (EDB) opened accounts in its payment and settlement infrastructure for the first client from Armenia - the country's largest steel company ASCE Group.
ASCE GROUP opened accounts in US dollars, euros, Armenian drams, and Russian roubles.
"One of the EDB's key objectives is to integrate financial markets and our first client from Armenia is a first and important step towards achieving this target. We are ready to fully support ASCE Group's efforts to expand cooperation as part of its project operations and organise finance by issuing securities in the member countries' capital markets," said Daniyar Imangaliyev, Vice Chairman of the EDB Management Board.
