Moody's rates Anelik Bank

Moody's Investors Service said it assigned a bank financial strength rating of D- to Anelik Bank, as well as Ba3 long-term and not-prime short-term local-currency and foreign-currency deposit ratings.

The outlook is negative.

The ratings are supported by its lucrative niche operations in the money transfer business through its Moscow-based subsidiary Anelik RU Ltd., which affords the bank broader brand recognition in Armenia than its modest market share of about 4% would suggest, the agency said.

The ratings also reflect concerns over the bank's high sensitivity to price competition in its core money transfer business, high operating risks in Armenia, dependence on internationally sponsored programs for long-term funding and operating risk concerns from weaknesses in both the national technical infrastructure and that of the bank, Moody's said.

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