The Drop in HETC Rating is Normal During the Phase of Problem Identification, Says Gevorg Papoyan

After the Armenian government took over the management of the Electricity Networks of Armenia (HETC), the internationally renowned rating agency Moody's downgraded the rating of this strategically important company, changing the forecast for its future operations from stable to negative.

“After conducting appropriate actions at HETC, ultimately HETC will become a much more attractive company with a higher reputation. For example, Romanos Petrosyan is now announcing that there has been an issue in procurements, and a discovery of 120 million dram. This also affects the rating. This means that the previous rating and the statements made about the trust mechanism have been somewhat false, as the problems are now being revealed,” Papoyan stated.