YEREVAN, OCTOBER 15, NOYAN TAPAN. AmRating/Global Rating agency of the Global Rating group has assigned Armeconombank a BB+ rating with an outlook of a possible rise. According to the agency, the rating was assigned due to the bank's high-quality assets, its strong market position and "stress" immunity, and the support by the main shareholders, including the institutional investor - the European Bank for Reconstruction and Development (EBRD). The rating limiting factors are its political risk sensitivity and a large share of retail credits characterized by high risks in the credit portfolio. The rating's outlook was conditioned by a decline in the impact of political factors and an expected restoration of the bank's positions in the market. Another circumstance of the high rating is the openness of the ownership structure. In 2005 EBRD became a shareholder of the bank, which reduced the risks of the bank's dependence on the major shareholders and the extent of the impact of political risks on the bank. In the opinion of the rating agency, the major shareholders are interested in the development of the bank and can give it complete financial support. The quality of the bank's management was also assessed positively. The partnership with EBRD has a positive effect on the quality of corporate governance, the sources of funding active operations, and the market positions. The main managerial procedures in the bank are well-developed and in line with modern standards and procedures, which has a postive impact on the stability of the customer and resource bases. According to AmRating/Global Rating, because of the political events, the bank was among "medium" banks by the amount of its assets in mid 2008, but now it shows a tendency to become again one of the top five in the banking market.

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