YEREVAN, August 21. /ARKA/. Moody’s Investor Service released a report saying it changes outlook on Armenia’s Ba2 rating to stable from negative, Armenia’s ministry of finance reported.
In November 2011 Moody’s downgraded outlook on Armenia’s Ba2 rating from stable to negative.
The key drivers of the change in the outlook are Armenia’s commitment to multi-year fiscal consolidation, driven partly by a steady revenue mobilisation; gradual reduction in Armenia’s still large current account deficit at 11.1% of GDP at year-end 2012, supported by an improving income balance; and access to external funding sources on favourable terms, including significant private remittances, FDI inflows and official lending sources, according to the report.
Moody’s has also changed the local-currency ceiling in Armenia to Baa3 from Baa1.–0–
