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Economics

Moody's upgrades Converse Bank's ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

Concurrently, Moody’s has upgraded the Bank's Baseline Credit Assessment (BCA) and Adjusted BCA to ba3 from b1. The long-term local and foreign currency Counterparty Risk Ratings (CRRs) were upgraded to Ba2 from Ba3, and the long-term Counterparty Risk Assessment (CR Assessment) was upgraded to Ba2(cr) from Ba3(cr).

Converse Bank Deputy CEO and CFO, Grant Akopian, commented on the rating upgrade: “The upgrade of Converse Bank’s ratings by Moody’s reflects the sustained improvements in our asset quality, stable capital adequacy, and strong profitability and liquidity metrics. This recognition also highlights the effective collaboration we have with international institutions and partners, which enables us to consistently strengthen our position in the financial market”.

According to Moody’s report, the decline in the problem loan ratio was a key factor in the rating upgrade. The report further notes that capital adequacy remains one of Converse Bank’s key credit strengths, providing a buffer against potential asset risks.

Converse Bank is supervised by the CBA.