Fitch Upgrades Ardshinbank`s rating

ArmInfo.Fitch Ratings has upgraded Ardshinbank CJSC's Long-Term Issuer Default Rating (IDR) to 'BB-' from 'B+' with a stable outlook. At the same time, the bank's Viability Rating (VR) upgraded from "b+" to "bb-", highlighting the bank's strengthened position in Armenia's banking system and its exceptional financial performance.

Fitch noted that Ardshinbank has successfully leveraged on its leading franchise and built up solid capital and liquidity buffers through earning exceptional profits and gaining new clientele. The agency believe some of the bank's credit factors, particularly profitability, capitalisation, and funding and liquidity, are exceptionally strong in the local context.

Ardshinbank’s rating matches the one published for the Republic of Armenia, being the highest possible that an Armenian private entity can qualify for.

Ardshinbank is the only Armenian company with assigned ratings from the big three credit rating agencies (Standard & Poor’s, Moody’s and Fitch).