Sun, 27 July
25.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Fitch ratings confirmed Armenia’s long-term foreign and local currency IDRs

YEREVAN, August 2. / ARKA /. Fitch Ratings has affirmed Armenia’s Long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘BB-‘. The Outlooks are Stable.

The issue ratings on Armenia’s senior unsecured foreign and local currency bonds have also been affirmed at ‘BB-‘. The Country Ceiling has been affirmed at ‘BB’ and the Short-term foreign currency IDR at ‘B’

The affirmation of Armenia’s sovereign ratings reflects the following key factors: The general government deficit fell to 1.7% of GDP in 2013, against initial projections of 2.8%. This was mainly due to under-execution and delays in the implementation of public investment.

The government expects the deficit to rise to 2.4% of GDP in 2014, although further under-execution is possible.

The increase in public sector wages, effective from 1 July 2014, will increase public spending by about 0.4% of GDP in 2014 and 2015, but has already been budgeted for and will be compensated by an increase in tax collection.

The general government debt level is expected to remain stable at around 43%-44% of GDP in 2014-15, and could fall in 2016 if GDP growth picks up. -0-

spot_img

POPULAR

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Armenia and EIB sign financial agreement for Resilient Syunik Program worth €50 million

A financial agreement for the Armenia-Sustainable Syunik Program has been signed in Luxembourg by Armenian Minister of Finance Vahe Hovhannisyan and Vice President of the European Investment Bank (EIB) Teresa Czerwińska.

LATEST NEWS

spot_imgspot_imgspot_img