Thursday, May 12 2022 11:44
Alina Hovhannisyan

S&P Global Ratings assigns "B-" (Local Currency LT credit rating) to  ASCE Group

S&P Global Ratings assigns "B-" (Local Currency LT credit rating) to  ASCE Group

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.

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