Moody’s changes Ardshinbank to positive

Moody's Investors Service said it affirmed Ardshinbank's local currency deposit rating of B1, foreign-currency senior unsecured debt rating of B1, baseline credit assessments (BCAs) and adjusted BCA of b1.

At the same time, the agency changed the outlook on the local-currency deposit rating of B1 and foreign-currency senior unsecured debt rating of B1 to positive from stable.

Ardshinbank's foreign currency deposit rating of B2 was affirmed with a stable outlook as the rating remains constrained by the foreign currency deposit ceiling.

Concurrently, Moody's affirmed Ardshinbank's short-term deposit ratings of Not Prime, long-term counterparty risk assessments of Ba3(cr) and the short-term counterparty risk assessments of Not Prime(cr).

Moody’s said the action follows its March 9 change of outlook on Armenia's B1 sovereign debt rating to positive from stable.

The agency's macro profile for Armenia remains "weak" following the affirmation of the B1 sovereign rating.

“The change in the outlook on Armenia's B1 government bond rating to positive from stable led to corresponding changes in the outlooks of Ardshinbank's local currency deposit rating of B1 and foreign currency senior unsecured debt rating of B1, which benefit from potential support from the Armenian government,” Moody’s said in a news release.

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