Fitch changes ACBA-Credit Agricole view

Fitch Ratings said it revised the outlooks on ACBA-Credit Agricole Bank CJSC's and Ardshinbank CJSC's long-term issuer default ratings to negative from stable and affirmed the issuer default ratings at B+.

The agency said the actions reflect the significant deterioration in the outlook for Armenia's economy since Fitch affirmed the banks' ratings with stable outlooks on March 19.

Under Fitch's baseline scenario, GDP growth will slow significantly in 2020 to 0.5%, compared with 7.5% in 2019, before recovering in 2021, the agency said.

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