Fitch ups Armenia to BB

Fitch Ratings said it upgraded Armenia's long-term foreign and local issuer default ratings to BB from BB-. The agency also said it upgraded the country ceiling to BB+ from BB and affirmed the short-term issuer default rating at B.

The outlooks have been changed to stable from positive.

The upgrade reflects the economy's rapid growth, rising incomes and strong policy framework, Fitch said.

Armenia faces some risk of overheating, although pressures are moderate relative to BB peers, the agency said. Inflation was 9.9% year-over-year in May 2008, boosted by rising food prices, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.