Fitch revises Ardshinbank view to stable

Fitch Ratings said it revised Ardshinbank CJSC's outlook to stable from negative and affirmed its long-term issuer default rating at B+.

“The revision of the outlook considers so far net positive spill-over effects from the Russia-Ukraine conflict to Armenia's economy in 2022. These have translated into a favorable operating environment for local banks, which is supporting performance indicators at above-historical average levels and mitigating significant asset quality risks at Ardshin and the banking sector in whole,” Fitch said in a press release.

The agency noted the continuing tide of foreign, mostly Russian, visitors and money transfers are boosting Armenia’s economy and it is likely to continue into 2023.

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