Fitch upgrades Ardshinbank

Fitch Ratings said it upgraded Ardshinbank CJSC's long-term issuer default rating to BB- from B+. The agency also raised the rating on Dilijan Finance BV’s $300 million of 6½% senior unsecured notes due 2025 to BB- from B+.

“The upgrade of Ardshinbank reflects our view that the bank has become the largest beneficiary among local peers of an extraordinary inflow of migrants and their respective money transfers to Armenia since 2022. The bank has successfully leveraged on its leading franchise and built up solid capital and liquidity buffers through earning exceptional profits and gaining new clientele,” Fitch said in a press release.

The outlook is stable.

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