Moody's maintains Armenia’s sovereign rating
24.12.2008,
21:12
The international rating agency Moody's Investors Service has maintained Armenia’s sovereign rating Ba2 “Stable Outlook”, says Moody’s annual report on the official website of the Central Bank of Armenia (CBA).
YEREVAN, December 24. /ARKA/. The international rating agency Moody's Investors Service has maintained Armenia’s sovereign rating Ba2 “Stable Outlook”, says Moody’s annual report on the official website of the Central Bank of Armenia (CBA).
Among the positive factors are a small national debt, prudent debt management and minimal refinancing risks. According to the report, a low level of economic and institutional development, along with a centralized economic base and regional instability, remains the main obstacle to further economic development.
A poor public revenue base remains Armenia’s main fiscal risk, which is covered by expected competent debt management, Armenia’s good relations with creditors and liquid assets provided by the Diaspora.
Among the obstacles are also the closed borders with Turkey and Azerbaijan, which increases export and import costs. Low institutional potential is also a deterrent, while the Armenian authorities are well aware of the necessity to reduce corruption and create favorable business environment for the purpose of long-term steady growth and attract investments.
Moody's Investors Service first assigned Ba2 local and foreign currency ratings to the Armenian Government on July 24, 2006. –0--
Among the positive factors are a small national debt, prudent debt management and minimal refinancing risks. According to the report, a low level of economic and institutional development, along with a centralized economic base and regional instability, remains the main obstacle to further economic development.
A poor public revenue base remains Armenia’s main fiscal risk, which is covered by expected competent debt management, Armenia’s good relations with creditors and liquid assets provided by the Diaspora.
Among the obstacles are also the closed borders with Turkey and Azerbaijan, which increases export and import costs. Low institutional potential is also a deterrent, while the Armenian authorities are well aware of the necessity to reduce corruption and create favorable business environment for the purpose of long-term steady growth and attract investments.
Moody's Investors Service first assigned Ba2 local and foreign currency ratings to the Armenian Government on July 24, 2006. –0--
