With the acceptance by the Central Bank of Armenia (CBA), Scope enters the Armenian market for credit rating services, thereby supporting the country’s programme for developing domestic capital markets. The Armenian authorities aim to improve the liquidity, increase the volume and reduce the cost of bond issuance for companies, banks and local-government and government-related entities by enhancing transparency in primary markets.

Effective June 2023, the CBA accepts credit ratings from Scope for the calculation of prudential standards set for commercial banks. Previously, credit ratings granted by only Standard & Poor’s, Moody’s, and Fitch were accepted.

“We welcome this decision from the Central Bank of Armenia and are looking forwarding to helping the authorities meet their objectives for developing domestic capital markets by enhancing the visibility and market access of local issuers,” says Nicolas Cambier, Head of Business Development for CIS+ at Scope Group.

“Recognition by the CBA shows the important role Scope can play in debt capital market development and represents a milestone in our growth in the Caucasus region,” says Dr Giacomo Barisone, Head of Sovereign and Public Sector Ratings. “Our presence in Armenia will help improve the liquidity of domestic issuers assigned with Scope ratings and support internal risk assessment at local banks.”

Background – Scope in the Caucasus: Scope has been active in Georgia’s capital markets since 2017, issuing ratings on the sovereign, corporates and financial institutions, and is one of four rating agencies recognised by the National Bank of Georgia.

Further recent news from Scope Group:

Norway’s central bank accepts Scope’s credit ratings (November 2022)

The European Union mandates Scope Ratings (June 2022)

Foundation set up to safeguard Scope’s European identity (Sept 2020)