Fitch Ratings affirms Armenia's long-term Issuer Default Rating at BB- level

Fitch Ratings International Rating Agency has affirmed the long-term Issuer Default Ratings (IDRs) of Armenia as an eminent by foreign and national currencies at the BB- level. The forecast is considered as "stable."

Fitch has also confirmed Armenia's short-term default rating at the B level, as well as the Country Ceiling rating at the B level.

"Armenia's economy is gradually recovering after the financial crisis that was sparked in 2009 and was one of the sharpest in the world. The default ratings of that country have changed for the better, and the pressure on deposit in foreign currencies and the exchange rate have been eased" said David Heslam, Director in Fitch's sovereign team.

He also said that Armenia has had a big budget deficit and faced political problems due to the recession and already has large foreign debts.

"The state will need time to adjust the situation," he added.