S&P Global has revised Armenia’s sovereign rating outlook to “positive” while affirming the country’s long-term rating at “BB-.”

The decision follows a similar improvement recorded by Fitch Ratings, reflecting a continued positive trend in international economic confidence toward Armenia, the Ministry of Finance reported.

The outlook revision reflects the potential improvement in the regional environment, particularly progress in the normalization process between Armenia and Azerbaijan. It is also linked to favorable economic growth prospects, higher international reserves and the country’s ability to absorb external shocks thanks to a flexible exchange rate.

According to the agency’s assessment, the rating is supported by the government’s consistent fiscal policy, risk mitigation efforts and strong foreign currency positions.

The assignment of a “positive” outlook indicates a significant likelihood of an actual rating upgrade in upcoming reviews.