Ratings and Awards

Updated:14.02.2024 | 09:38

2024
  • Fitch Ratings international rating agency on 08 February 2024 upgraded the Long-term Issuer Default Rating (IDR) of Armeconombank by one notch from "B" to "B+" with a stable outlook. At the same time, the Bank's Viability Rating (VR) was raised from "b" to "b+". The announcement on the Bank’s credit ratings upgrade is available Fitch Rating website.
  • Moody’s Investors Service international rating agency on 31 January 2024 affirmed the  B1 long-term local and foreign-currency deposit ratings of Armeconombank with Stable outlook, updating the Credit Opinion on the Bank: Concurrently, Moody's Investors Service affirmed the Bank's b1 Baseline Credit Assessment (BCA) and Adjusted BCA, Not Prime (NP) short-term local and foreign currency bank deposit ratings, the Bank's Ba3/NP long-term and short-term local and foreign currency Counterparty Risk Ratings (CRRs) and the Ba3(cr)/NP(cr) long-term and short-term Counterparty Risk Assessments (CR Assessments). The information on the Bank’s credit ratings is available at the Moody’s Investors Service website.
2023
  • On February 22 2023 Fitch Ratings has improved the rating outlook  of “ARMECONOMBANK” OJSC (Bank) from “Stable” to “Positive” and has confirmed the long-time  foreign currency default rating of B class(Long-Term Foreign-Currency Issuer Default Rating (IDR)).
  • On February 1st, 2023 Fitch Ratings assigned ARMECONOMBANK OJSC (the Bank) a Long- Term Foreign-Currency Issuer Default Rating (IDR) of 'B' with a Stable Outlook and a Viability Rating (VR) of 'b'
  • On February 1st, 2023 Moody's Investors Service ("Moody's") affirmed ARMECONOMBANK OJSC's B1 long-term local and foreign currency bank deposit ratings and changed the outlook on these ratings to stable from negative.
Concurrently, Moody's affirmed the Bank's b1 Baseline Credit Assessment (BCA) and Adjusted BCA, Not Prime (NP) short-term local and foreign currency bank deposit ratings, the Bank's Ba3/NP long-term and short-term local and foreign currency Counterparty Risk Ratings (CRRs) and the Ba3(cr)/NP(cr) long-term and short-term Counterparty Risk Assessments (CR Assessments)

2020

ARMECONOMBANK OJSC was granted “The Leading Partner Bank in Armenia” award by Asian Development Bank  for the transactions executed during a year within  the Trade Finance Program. Bank was granted an “STP Quality Award 2019” by Raiffeisen Bank International AG.

The current ratings of the Bank, according to Moody's Investors Service internatinal rating agency.

The Banks ratings are as  follows:

  • Long Term Counterparty Risk Rating: Ba3
  • Long Term / Short Term Deposit Rating: B1/NP

2019

During Visa Recognition Award, ARMECONOMBANK OJSC was honoured with “Contribution in Promoting VISA Premium Benefits” award  by Visa international  payment system

The current ratings of the Bank (approved on 03 September 2019), according to Moody's Investors Service internatinal rating agency (03.09.2019).

The Banks ratings are as follows:

  • Long Term Counterparty Risk Rating: Ba3
  • Long Term / Short Term Deposit Rating: B1/NP

2018

The ratings of the Bank, according to Moody's Investors Service internatinal rating agency(28.06.2018).

The Banks ratings are as  follows:

  • Long Term Counterparty Risk Rating: B1
  • Long Term / Short Term Deposit Rating: B2/NP

2017

  • During the Global Trade Review's annual September conference – GTR Asia Trade and Treasury Week 2017 held in Singapore, ARMECONOMBANK OJSC was recognized as the leading partner in Armenia at the Third Annual Awards Ceremony organized by Asian Development Bank under Trade Finance Project.
  • During the event organized on 20 July 2017 by Thomas Reuters company, a well –known company in the financial market,  ARMECONOMBANK OJSC was granted by a special award- the first user of Thomson Reuters electronic financial platform in Armenia. Thanks to the cooperation with Thomson Reuters, the Bank was active both in local and international markets. 

2016

  • During the Global Trade Review's annual September conference – GTR Asia Trade and Treasury Week 2016 held from 06.09.2016 to 09.09.2016 in Singapore, ARMECONOMBANK OJSC was recognized as the leading partner in Armenia at the Second Annual Awards Ceremony organized by Asian Development Bank under Trade Finance Project.

2015

  • In August, MoneyGram clearing system, in appreciation of the multiannual experience and productive cooperation with ARMECONOMBANK, awarded the latter with a certificate for “Professionalism and outstanding contribution for money transfer service development in Armenia’’. The Certificate was handed the Bank’s representative by Senior Regional Director for CIS and the Baltic States at MoneyGram Yevgeniy Butyugin during his visit to Armenia.
  • In April, during the Annual ICC Banking Commission Meeting held from 20.04.2015 to 23.04.2015 in Singapore, ARMECONOMBANK OJSC was recognized as the leading partner in Armenia at the First Annual Awards Ceremony organized by Asian Development Bank under Trade Finance Project. Steven Beck, the Manager of ADB's Trade Finance Project, handed the "The Leading Partner in Armenia" award to ARMECONOMBANK's representative and thanked her for the Bank's active participation and efficient cooperation in 2014.

2014

  • Asian Development Bank granted "Leading Partner Bank in Armenia" award to Armeconombank OJSC under Trade Finance Project

2013

  • "EXCELLENCE IN QUALITY"  a long term and effective cooperation certificate, was awarded by MoneyGram
  • Commerzbank AG of Germany granted ARMECONOMBANK OJSC the "Excellence for Quality" award for effecting high_quality, faultless and fast international transfers in 2013.

2011

  • Commerzbank AG of Germany granted "Excellencein quality" award for high-quality tranfers in EUR in 2011.

2010

  • The Bank won the recognation of MoneyGram international clearing system for "Excelent customer service in the Republic of Armenia" for performance in 2010.
  • UniCredit Bank AG granted the Bank Excellence for Quality EUR tranfers in 2010.

2009

  • MoneyGram granted th bank a certificate based on 2009 results and recognized the bank as the best bank in the area of customer service.

2008

  • AmRating/GlobalRating agency granted the Bank BB+ credit rating with Positive Outlook forecast.

2007

  • For the first time in Armenia, Western Union granted the Bank a Honorary Diploma for long-lasting and fruitful cooperation with Western Union and considerable role in the development of Western Union's business in Armenia, as well as expansion of the Western Union network and attraction of new sub-agents. 

2006

  • The Bank was granted a Certificate of the Best Servicing Partner by City Group

2005

  • For 2005 performance results, was declared the best paying agent for the Government of Armenia by the decision of the joint commitee of CB of Armenia and The Ministry of Finance and Economy of RA.

2002

  • Was recognized the best servicing Armenian bank in 2002 by AMEX(American Express Bank LTD, NewYork) and received Quality performance Certificate

2001

  • By the results of 2001, the bank was recognized the best servicing Armenian bank by AMEX(American Express Bank LTD, NewYork) and received Quality performance Certificate
Updated:14/02/2024 09:38