YEREVAN, January 26. /ARKA/. Fitch Ratings has affirmed and withdrawn the ratings of Armenia’s CJSC ACBA-Credit Agricole Bank (ACBA), including its Long-term Issuer Default Rating (IDR) of ‘BB-‘ with a Stable Outlook, the international rating agency’s press office reported on Thursday.
“Fitch has withdrawn the ratings as ACBA has chosen to stop participating in the rating process,” the press release says. “Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, the agency will no longer provide ratings or analytical coverage for the bank.”
The bank’s long-term IDR was affirmed at ‘BB-‘ Outlook Stable and withdrawn. Its Short-term IDR was affirmed at ‘B’ and withdrawn, Viability Rating affirmed at ‘b+’ and withdrawn and Support Rating affirmed at ‘3’ and withdrawn.
ARKA News Agency asked ACBA Credit Agricole Bank for comments.
ACBA Credit Agricole Bank was established in 1996 as part of European Union’s TACIS program. Its major shareholders are the French Credit Agricole Group (15.56%), SACAM International (12.44%) and Farmers Mutual Assistance unions of ten provinces, including Armavir (14.08%) and Ararat (12.28%). The bank runs 42 branches, of which six in Yerevan. -0—
