Armenia Anticipates Improvements in Country Ratings Following the signing of Washington Declaration
YEREVAN, September 24. /ARКА/. Armenia's Finance Minister Vahe Hovhannisyan is optimistic that the international country ratings for Armenia will "attain natural levels subsequent to the signing of the Washington Declaration."
He remarked that in prior discussions with international rating agencies, the Armenian representatives voiced their disagreement with the ratings assigned to the country, referencing macroeconomic indicators, stability, and a cautious fiscal policy.
Nevertheless, he noted that international partners pointed to regional risks, which significantly influenced the country's rating.
"Following the signing of the Washington Declaration on August 8, we received positive signals from Fitch, Moody's, and S&P, but it was indicated that the effect on the rating would be evident only after the signing (of the peace agreement between Armenia and Azerbaijan - ed.). For me, the response from actual investors holds greater importance. Nonetheless, I remain hopeful that our ratings will revert to normal levels," the minister stated on Wednesday during a panel discussion at the forum titled "Future of the Banking System: Innovations and Development Prospects," which took place in Yerevan on September 23-24.
On August 19, Fitch Ratings indicated that the initialing of the peace agreement between Armenia and Azerbaijan is unlikely to have an immediate effect on the ratings of both nations, but it could foster positive medium-term trends in the credit sector.
Hovhannisyan also addressed the risk premium for Armenia, noting that it had been decreasing prior to the signing of the Washington Declaration, but following that event, "there was a notable decline."
However, the minister refrained from providing specific figures. In July 2025, Fitch Ratings confirmed Armenia's long-term foreign currency Issuer Default Rating (IDR) at 'BB-' with a stable outlook.
In February 2024, Standard & Poor's reaffirmed the sovereign ratings of Armenia for long-term/short-term foreign and local currency debt at 'BB-'/'B', maintaining the stable outlook unchanged.-0-
