Fitch rates ACBA-Credit Agricole Bank

Fitch Ratings said it assigned Armenia's ACBA-Credit Agricole Bank CJSC a long-term issuer default rating of BB, short-term issuer default rating of B, individual rating of D and support rating of 3.

The outlook is stable.

The ratings reflect the moderate probability of support being forthcoming, if required, from the bank's biggest shareholder, Credit Agricole SA, which has a long-term issuer default rating of AA with stable view.

The rating also considers the bank's small size by international standards, a high-risk operating environment, rapid asset growth and a high proportion of foreign-currency lending, Fitch said.

It also takes into account the generally good quality of management, significant domestic franchise, strong core performance, historically good asset quality, strong capitalization and adequate liquidity position, the agency said.

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