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FITCH RATINGS REVISES ARMENIA'S OUTLOOK TO POSITIVE
Arka News Agency, Armenia
May 2 2007
YEREVAN, May 2. /ARKA/. Fitch Ratings has revised the Outlook
on Armenia's Foreign and Local Currency Issuer Default Ratings to
Positive from Stable.
On its official web-site, Fitch Ratings affirmed the ratings at 'BB-'
(BB minus) as well as the Country Ceiling at 'BB' and the Short-term
Foreign Currency rating at 'B'.
The Positive Outlook reflects expectations that disciplined
macroeconomic policies and structural reforms will continue,
underpinning sustainable economic growth and a declining public and
external debt burden.
Armenia faces parliamentary elections in 2007 and a race for the
presidency in 2008.Fitch does not expect material changes in the
country's broad economic and foreign policies to arise. However,
Director in Fitch's Sovereigns Group Andrew Colquhoun pointed out
that "The risk of economic volatility or of a political shock over
the next twelve to eighteen months cannot be wholly discounted.
"But if policy discipline and political stability are maintained,
the secular improvement in creditworthiness will likely continue and
exert upward pressure on the ratings," he said.
Sustaining rapid economic growth necessary to raise incomes and reduce
extreme poverty without imperilling macroeconomic stability is key
to improvements in Armenia's sovereign creditworthiness and ratings.
In 2006, Armenia received a sovereign rating. On June 5, 2006,
the int5ernational agency Fitch Ratings assigned the Foreign and
Local Currency Issuer Default Ratings at "BB-" (BB minus) Stable to
Armenia. The agency also assigned the short-term raring at "B" and the
"country ceiling" rating at "BB-" (BB minus) to the country. On August
17, 2006, Fitch Ratings raised Armenia's sovereign rating from "BB-"
(BB minus) to "BB".
Besides, on July 24, 2006, the international rating agency Moody's
Investors Service assigned to the Armenian Government sovereign
foreign and local currency ratings at Ba2.
Arka News Agency, Armenia
May 2 2007
YEREVAN, May 2. /ARKA/. Fitch Ratings has revised the Outlook
on Armenia's Foreign and Local Currency Issuer Default Ratings to
Positive from Stable.
On its official web-site, Fitch Ratings affirmed the ratings at 'BB-'
(BB minus) as well as the Country Ceiling at 'BB' and the Short-term
Foreign Currency rating at 'B'.
The Positive Outlook reflects expectations that disciplined
macroeconomic policies and structural reforms will continue,
underpinning sustainable economic growth and a declining public and
external debt burden.
Armenia faces parliamentary elections in 2007 and a race for the
presidency in 2008.Fitch does not expect material changes in the
country's broad economic and foreign policies to arise. However,
Director in Fitch's Sovereigns Group Andrew Colquhoun pointed out
that "The risk of economic volatility or of a political shock over
the next twelve to eighteen months cannot be wholly discounted.
"But if policy discipline and political stability are maintained,
the secular improvement in creditworthiness will likely continue and
exert upward pressure on the ratings," he said.
Sustaining rapid economic growth necessary to raise incomes and reduce
extreme poverty without imperilling macroeconomic stability is key
to improvements in Armenia's sovereign creditworthiness and ratings.
In 2006, Armenia received a sovereign rating. On June 5, 2006,
the int5ernational agency Fitch Ratings assigned the Foreign and
Local Currency Issuer Default Ratings at "BB-" (BB minus) Stable to
Armenia. The agency also assigned the short-term raring at "B" and the
"country ceiling" rating at "BB-" (BB minus) to the country. On August
17, 2006, Fitch Ratings raised Armenia's sovereign rating from "BB-"
(BB minus) to "BB".
Besides, on July 24, 2006, the international rating agency Moody's
Investors Service assigned to the Armenian Government sovereign
foreign and local currency ratings at Ba2.