YEREVAN, July 4. /ARKA/. Fitch Ratings expects the number of issuers in Armenia to grow, Dmitry Surkov, the regional head of the rating agency for Russia, the CIS and the Black Sea region, told reporters in Yerevan today. He said Fitch publishes now three ratings of Armenian banks and is negotiating with several banks to include them in its local portfolio.

According to Surkov, the credit rating helps countries, above all, attract financing. A credit rating is recognition of the issuer by international investors, he said.

Late last month Fitch Ratings affirmed the long-term issuer default ratings (IDR) of Armenia in foreign and national currency at "B +" level. The outlook is "Stable".

"Armenia attracted financing through Eurobonds. Rating is an indicator for investors in terms of the creditworthiness of the borrower, so it is necessary to maintain the rating throughout the bond circulation period," he said.

Surkov noted that for 18 months the credit rating of Armenia will be stable. In addition, he stressed the importance of assigning a rating to the Armenian capital Yerevan.

"Armenia’s profile of a borrower, a participant of international capital markets has grown very much after awarding the rating to Yerevan, since the capital is a showcase of the country," he stressed.

Dmitry Surkov noted that Fitch Ratings has the largest portfolio in the region in Georgia. According to him, since 2009, most of the new issues of Eurobonds were carried out with Fitch Ratings.

"Fitch conducts a fairly deep analysis of companies and sectors of the economy, which is highly valued by investors. Fitch was recognized as the best rating agent for emerging markets by Capital Markets magazine," he concluded. -0-