Fitch Ratings assigns long-term "B +" rating to ACBA-CREDIT AGRICOLE BANK bonds

06.12.2017 16:39
Fitch Ratings assigns long-term

YEREVAN, December 6. /ARKA/. The Fitch Ratings agency has assigned the long-term "B +" rating to USD-denominated bonds of Armenia-based ACBA-CREDIT AGRICOLE BANK. In 2017 summer ACBA-CREDIT AGRICOLE BANK issued bonds in the aggregate amount of $5 million, with 5.5% yield and maturing period by 2020.

The rating of the bonds is consistent with the long-term Issuer Default Rating ‘B’ + with stable outlook assigned earlier to ACBA-CREDIT AGRICOLE BANK in May.

In determining the rating of the bank Fitch Ratings took into account the bank's leading position in financing Armenia’s agricultural sector, as well as the high level of capitalization liquidity. The rating assigned to the bank is the highest for companies in Armenia.

ACBA-CREDIT AGRICOLE BANK was established in 1996 as part of European Union’s TACIS program. In September 2006, France’s Credit Agricole Group became the biggest shareholder of the bank making considerable investments into its capital. Today it is one of the largest banks in Armenia and is represented across the country. -0-

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