Fitch cuts Armenia to BB-

Fitch Ratings said it downgraded Armenia's long-term foreign- and local-currency issuer default ratings to BB- from BB, along with its country ceiling to BB from BB+ and affirmed the short-term foreign-currency issuer default rating at B.

The outlook is stable.

Despite a strong policy response supported by the international community, the severity of the shock has materially weakened Armenia's credit fundamentals and medium-term prospects, Fitch said.

Unlocking Armenia's economic potential and restoring strong and sustained growth necessary to reduce poverty and raise incomes will be much harder as a result of the crisis, the agency added.

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