Moody's rates Unibank E+

Moody's Investors Service said it assigned a bank financial strength rating of E+ to Unibank CJSC, as well as Ba3 long-term and not-prime short-term global local-currency deposit ratings and Ba3 long-term and not-prime short-term foreign-currency deposit ratings.

The outlook is stable.

The ratings take into account the bank's good franchise strength, which is enhanced by the exclusive right to operate the Unistream money transfer system, representing a 50% stake of the lucrative money transfer business in Armenia, Moody's said.

The system is the proprietorship of the Russian Unistream bank, majority owned by Unibank's ultimate beneficial owners, the agency said. Given that remittances constitute 20% of Armenia's GDP, Moody's said it believes the success of the Unistream system in penetrating the Armenian market enhances Unibank's franchise value and brand awareness.

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