Fitch assigns 'B+'/ 'RR4' to Eurobonds of Armenia's Ardshinbank

29.01.2020 17:43
Fitch assigns 'B+'/ 'RR4' to Eurobonds of Armenia's Ardshinbank

YEREVAN, January 29. /ARKA/. Fitch Ratings has assigned 'B+'/ 'RR4' to the Eurobonds of Armenia's Ardshinbank, issued in the largest-ever for Armenia amount - USD300 million, at the lowest rate - 6.5% and the maturity term in 2025.

"The assignment of the final rating follows the completion of the notes' issue and receipt of final documentation conforming to the information previously received," Fitch says in its report.

Fitch Ratings also reports that the senior unsecured loan participation notes have been issued by Dilijan Finance B.V., the Netherlands-based special-purpose vehicle, for financing a loan to Armenian-based Ardshinbank CJSC (B+/Stable) for its general banking activity, including refinancing of upcoming contractual debt repayments. Dilijan Finance B.V. will only pay noteholders amounts (principal and interest) received from Ardshinbank under the loan agreement.

In April 2019, Fitch confirmed Ardshinbank's long-term Issuer Default Rating IDR at 'B+' with Stable Outlook. Fitch also confirmed Short-Term IDR at 'B', Viability Rating at 'b+', Support Rating at '5' and Floor support rating at 'No Floor' to Ardshinbank.

Ardshinbank CJSC (Ardshininvestbank before renamed Ardshinbank on November 13, 2014) was registered in February 2003. Ardshinbank is among Armenia's three flagship banks. This is the only private organization in the country that have the ratings assigned by two international rating agencies - Moody's and Fitch Ratings. -0---

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