YEREVAN, August 3. /ARKA/. As part of the Capital Market Development Program, approved by the government of Armenia on July 16, 2020, an agreement was recently signed between the Ministry of Finance of Armenia and Standard and Poor's credit agency (S&P Global Ratings), the Ministry of Finance said.

It said S&P Global Ratings will be the third credit agency, in addition to Fitch and Moody’s, to award Armenia sovereign rating.

According to the Finance Ministry, cooperation with Standard and Poor's will allow relatively small local organizations to use the services of the rating organization, taking into account the fact that obtaining a sovereign rating by Armenia will lower the costs associated with obtaining a rating by private sector companies," the ministry said.

On March 27, 2021, the Fitch Ratings affirmed Armenia's long-term foreign currency Issuer Default Rating (IDR) at 'B +'. The forecast is “Stable”.

On August 27, 2019, the Moody’s Investors Service raised the rating of the long-term issuer of unsecured debt obligations of the Armenian government in national and foreign currency and priority unsecured debt obligations from B1 to Ba3. Outlook was changed from Positive to SDtable.-0-