Cenbank chief says economy unaffected by Moody's ENA downgrade

The downgrading of Electric Networks of Armenia (ENA) CFR by Moody’s can't have any long-term economic impact on Armenia, according to Central Bank Governor Martin Galstyan.

Moody's has downgraded the long-term corporate rating (CFR) of Electric Networks of Armenia – the country’s electric utility - from "Ba2" to "Ba3" and the probability of default rating (PDR) from "Ba2-PD" to "Ba3-PD".

At a press conference on Tuesday, Galstyan was asked about the possible impact on the country’s financial stability and investment appeal resulting from the downgrading.

“I am confident that the uncertainties pertaining to ENA will be swiftly resolved, and as a result the downgrading of the rating will have a short-term nature. Therefore I don’t think it can have long-term impacts, not to mention on financial stability,” he said.