Fitch rates Armenian capital of Yerevan 'B+'; Outlook StableMarch 6, 2021 - 12:49 AMT PanARMENIAN.Net - Fitch Ratings has assigned the Armenian City of Yerevan Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'B+' with Stable Outlook, the agency said Thursday, March 4. The ratings reflect Yerevan's Standalone Credit Profile (SCP) of 'bb-', resulting from a combination of a 'Vulnerable' risk profile and a 'aaa' debt sustainability assessment. The IDRs are capped by the Armenian sovereign ratings of 'B+'/Stable. Yerevan is Armenia's largest economic and metropolitan area. As of 2020, the city's population was 1.1 million. The economy is dominated by the service sector and its wealth metrics are modest compared with international peers. The city's accounts are cash-based, and the budget framework covers a single year. 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 | Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. U.S. reacts to Russia’s criticism of upcoming Armenia-EU-U.S. meeting Matthew Miller has weighed in on Russia’s criticism of an upcoming Armenia-EU-U.S. meeting. Lavrov sees ‘collapse’ of Russia’s ties with Armenia Russian Foreign Minister Sergey Lavrov has underscored heightened tensions between Russia and Armenia. Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine |