Rating agency RAEX-Europe confirms Armenia's rating at ‘BB-’July 21, 2018 - 11:26 AMT PanARMENIAN.Net - Rating-Agentur Expert RA GmbH has confirmed the sovereign government credit rating (SGC) of Armenia at ‘BB-’ (Sufficient level of creditworthiness of the government) in national currency and at ‘BB-’ (Sufficient level of creditworthiness of the government) in foreign currency. The rating outlook is stable which means that in the mid-term perspective there is a high probability of maintaining the rating score. The findings were published on Friday, July 20. “The confirmation of Armenia’s ratings at ‘BB-’ with a stable outlook is underpinned by a strong and resilient banking sector, consistent and solid economic growth, effectiveness of the monetary policy and improving fiscal consolidation efforts by the authorities," said Hector Alvarez, Rating Associate of Rating-Agentur Expert RA GmbH.. "However, the creditworthiness of the sovereign remains constrained by high levels of financial dollarization, elevated government debt levels and high exposure to potential external shocks given the country’s high dependence on remittances, imports and commodities’ exports. Moreover, even though we consider that the recent political turmoil will not have a material impact on the long-term creditworthiness, it could hurt investor confidence adversely affecting investment in the economy.” Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |