Fitch ups VTB Bank (Armenia) to BB+

Fitch Ratings said it upgraded VTB Bank (Armenia)'s long-term foreign- and local-currency issuer default ratings to BB+ from BB, and affirmed its short-term foreign- and local-currency issuer default ratings at B.

The outlook is stable.

The upgrade follows an upgrade of Armenia's long-term foreign- and local-currency issuer default ratings to BB from BB- and country ceiling to BB+ from BB.

Armenia's outlook is stable.

The ratings reflect the moderate probability of support from VTB Bank (Armenia)'s sole shareholder, Russia's VTB Bank (rated BBB+ with stable view), the agency said.

Although, Fitch said the ability of VTB Bank (Armenia) to receive and utilize this support may be constrained by Armenian country risks, in particular transfer and convertibility risks, as reflected in the country ceiling of BB+.

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