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Moody's affirms Armenia's rating at Ba3, maintains stable outlook

01.09.2021 13:20

Moody's affirms Armenia's rating at Ba3, maintains stable outlook

YEREVAN, SEPTEMBER 1, /ARKA/.Moody's Investors Service ("Moody's") has affirmed August 31 the Government of Armenia's Ba3 local and foreign currency long-term issuer ratings and foreign currency senior unsecured rating. The outlook remains stable.
The affirmation of the Ba3 ratings is driven by the credit profile's resilience to the significant shocks of the coronavirus pandemic and geopolitical and domestic political tensions, and Moody's expectations that growth and fiscal strength will recover over the medium term. The fiscal profile in particular has proven resilient and will stabilize over the medium term, with debt consolidation expected from 2021 onward as growth and revenue rebound, and as the government adjusts expenditure downward in line with fiscal rules. Meanwhile, Moody's assesses that the 2020 ceasefire agreement with Azerbaijan and the June snap parliamentary election have reduced near-term political risks, supporting economic recovery and minimizing the impact to Armenia's fundamental growth outlook. External deficits drive currency valuation risks that can transmit to fiscal strength and financial stability, although external buffers have increased to withstand these potential shocks.
The stable outlook reflects balanced risks to the Ba3 rating. While a developing track record of policy effectiveness supports the development of a diversity of higher productivity sectors, growth potential remains constrained by demographic pressures and the small scale of the economy. Upside risk stems from more effective reforms that contribute to sustained growth at higher rates than Moody's currently assumes over the medium term. Event risk remains the key source of downside risk due to geopolitical tensions with neighboring countries, and external vulnerability and banking system risks resulting from the high share of foreign-currency debt, structural current account deficits, and a highly dollarized banking system.
Armenia's local and foreign currency country ceilings remain unchanged at Baa2 and Ba1, respectively. The four-notch gap between the local currency ceiling and the sovereign rating reflects a balance between the government's small footprint in the economy and strong institutions, and geopolitical tensions with neighboring countries and external deficits that expose the economy to external shocks. The two-notch gap between the foreign currency ceiling and the local currency ceiling incorporates Moody's assessment of Armenia's policy effectiveness and transfer and convertibility restrictions in times of stress. -0-

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Moody’s points out risks for banks in Armenia amid developments in Nagorno Karabakh

09.10.2020 16:07

Moody’s points out risks for banks in Armenia amid developments in Nagorno Karabakh

The development of the conflict in Nagorno-Karabakh could lead to devastating consequences for the banking sectors of Armenia and Azerbaijan, according to the review of the rating agency Moody’s, published by RBC

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Moody's assigns a b2 corporate family rating to Zngezur Copper Molybdenum Combine CJSC

23.09.2019 17:57

Moody's assigns a b2 corporate family rating to Zngezur Copper Molybdenum Combine CJSC

Moody’s Investors Service (“Moody’s”) has assigned a corporate family rating (CFR) of B2, probability of default rating (PDR) of B2-PD to Zangezur Copper Molybdenum Combine CJSC (ZCMC), one of the largest exploration and mining companies in Armenia. The outlook is stable

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Moody’s expects Armenia’s robust economic growth to benefit banks

29.03.2019 18:40

Moody’s expects Armenia’s robust economic growth to benefit banks

In the Banking System Outlook for Armenia, Moody’s Investors Service said its positive outlook for Armenian’s banking system is driven by robust economic growth which leads to asset quality improvements

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CIS banks’ credit profiles hurt by weak corporate governance, while in Armenia this is less noticeable – Moody’s

19.03.2019 22:16

CIS banks’ credit profiles hurt by weak corporate governance, while in Armenia this is less noticeable – Moody’s

Banks in the Commonwealth of Independent States generally have weaker corporate governance than peers in other regions and this is harming their credit profiles

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Moody’s: CIS companies' 2019 outlook is stable on continuing GDP growth and supportive oil prices

13.12.2018 17:24

Moody’s: CIS companies' 2019 outlook is stable on continuing GDP growth and supportive oil prices

The outlook for non-financial companies in the Commonwealth of Independent States (CIS) for 2019 is stable, Moody’s Investors Service said in its annual outlook on the region

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Moody’s: loan concentration remain high at CIS banks, a negative for lenders

20.09.2018 18:08

Moody’s: loan concentration remain high at CIS banks, a negative for lenders

Loan books and deposit bases at banks in Russia and other members of the Commonwealth of Independent States (CIS) will continue to be highly concentrated on a small group of large corporates

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Moody’s changes outlook on Ardshinbank’s ratings to positive from stable

16.03.2018 18:49

Moody’s changes outlook on Ardshinbank’s ratings to positive from stable

Moody’s Investors Service has affirmed Armenian Ardshinbank’s local currency deposit rating of B1, foreign-currency senior unsecured debt rating of B1

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Moody’s changes outlook on Armenia’s rating to positive from stable; B1 rating affirmed

12.03.2018 18:40

Moody’s changes outlook on Armenia’s rating to positive from stable; B1 rating affirmed

Moody’s Investors Service (“Moody’s”) has changed the outlook on Armenia’s rating to positive from stable and affirmed the B1 long-term issuer and senior unsecured debt ratings

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Moody’s likely to revise Armenia’s sovereign rating

06.02.2018 18:28

Moody’s likely to revise Armenia’s sovereign rating

Armenia’s Finance Minister Vardan Aramyan met today with a group of analysts of the international rating agency Moody’s Investors Service, who had arrived in Armenia to review the sovereign rating of the country

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