Fitch Ratings agency on 22 November 2019 upgraded Armenia’s long-term foreign and local currency issuer default ratings by one notch from “B+” to “BB-” with a “stable” outlook.
In addition to the rating, Fitch also raised by one notch the country ceiling for Armenia’s long-term foreign and local currency bonds. Thus, the country ceiling for long-term foreign and local currency bonds has been assessed at “BB”, thanks to which Armenia’s private sector enterprises and financial institutions, when rated by Fitch, can receive a rating one notch higher than the country’s (BB-) rating, namely a (BB) rating.
The short-term foreign and local currency issuer default rating has been affirmed at “B” level.
The decision to upgrade Armenia’s rating is based on Fitch’s assessments that Armenia’s institutions have contributed to a peaceful and smooth political transition, which will be further strengthened through structural reforms. The government has confirmed its commitment to pursuing stable macroeconomic policies and implementing structural reforms, including fighting corruption and monopolies, as well as strengthening institutions and the governance system.
Among the countries rated “BB-” by Fitch are Greece, Turkey, Brazil, Jordan, Uzbekistan, Bahrain, the Dominican Republic, Bolivia and Bangladesh.
