Fitch: VTB Bank (Armenia) view positive

Fitch Ratings said it revised the outlook on VTB Bank (Armenia)'s foreign- and local-currency issuer default ratings to positive from stable. Its ratings are affirmed at foreign- and local-currency issuer default BB, short-term foreign- and local-currency B, individual D/E and support 3.

The revised outlook reflects the recent change in the outlook of Armenia.

VTB Bank, formerly known as Armsberbank, has a long history of operations in Armenia and traces its origin to a branch of Sberbank. The bank is majority-controlled by Russia's VTB, which has an issuer default rating of BBB+.

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