S&P Global Ratings raised its long-term issuer credit rating on Ameriabank CJSC to 'BB-'. The outlook is stable. At the same time, S&P affirmed their 'B' short-term issuer credit rating on the bank. The upgrade follows a similar action on Armenia. The ratings on Ameriabank are no longer constrained by the sovereign's creditworthiness and are now commensurate with its standalone credit profile of 'BB-'.

In S&P’s view, Ameriabank is well positioned to retain its leading market position in Armenia (it is the largest domestic lending institution with a market share of about 19% of loans at June 30, 2023), leveraging on its digital channels and diversifying further into the retail and small and midsize enterprise segments. S&P also expects Ameriabank to retain adequate capital adequacy in upcoming years, supported by strong internal capital generation.

The stable outlook reflects S&P’s view that over the next 12-18 months Ameriabank will maintain its leading positions in the Armenian banking sector and manage its expected strong lending growth while maintaining stable capital buffers.