Fitch Rating Committee confirmed Ameriabank’s Issuer Default Rating (IDR) rating at ‘B+’. As a proven pioneer in the Armenian business environment, Ameriabank received a rating equal to that of the Sovereign – first time in the local banking industry and in the Country. The local practice for credit ratings from global agencies is scarce, while a few local financial institutions had previously received credit ratings only below the Sovereign.

Given bank’s standalone strength, the Viability Rating stands at ‘b+’ too, aligned with Long Term IDR - thus the rating does not incorporate any support either from ultimate shareholder or the government.

The affirmation of the rating reflects reasonable financial metrics, sizeable liquidity cushion, manageable refinancing risks and solid domestic franchise. Despite the high competition in the banking industry of Armenia, Ameriabank gained a strong foothold in the market by maintaining its leading position in lending (13% market share), trade finance and liabilities to customers (12%). The banks solid profitability in 2014 was underpinned by growing lending, stable funding costs and lower share of NPLs compared to that of its peers.

Please note that, the negative spillover effect from developments in Russia triggered the outlook revision from Stable to Negative reflecting the possibilities of weaker operating environment in Armenia.