FITCH UPGRADES ARMENIA’S RATING, HERALDS IMPLEMENTATION OF NEW ECONOMIC PROGRAMS

ARKA
July 8

After the Fitch International Agency has upgraded Armenia’s ratings,
the country can implement new economic programs, RA Minister of Economy
Nerses Yeritsyan said today in the Novosti International Press-Centre
in Yerevan.

Fitch Ratings has upgraded Armenia’s long-term foreign and local
Issuer Default ratings (IDRs) to ‘BB’ from ‘BB-‘ (BB minus). The
agency has also upgraded the Country Ceiling to ‘BB+’ from ‘BB’
and affirmed the Short-term IDR at ‘B’.

Nersisyan believes the country was able to upgrade its ratings thanks
to its globalization prospects and economic diversification, as well
as growing competition and long-run foreign trade turnover. "If we go
on like this, we will be able to raise the country’s investment-grade
level," the Minister added.

Fitch analysts forecasts Armenia’s economic growth will continue till
2011, according to Yeritsyan.

The international rating agency says Armenia may increase public debt
to finance development programs. "Fitch Rating allows a sovereign
country to set its interest rates in the world market and issue its
own bonds," the Minister added.

From: Emil Lazarian | Ararat NewsPress