“Standard and Poor’s” Ratings Agency reaffirmed “B+”/”B” long and short-term foreign-and local-currency sovereign credit ratings on the Republic of Armenia with a "stable" outlook.
It is noted that the stable economic growth of Armenia, the reduction of geopolitical risks, the strengthening of Armenia's external position, and the slower rate of foreign debt accumulation will contribute to the improvement of Armenia's sovereign rating.
Reaffirming the rating on Armenia by the Agency is a positive impulse, especially taking into account the global and regional developments and the macroeconomic uncertainties caused by them, and proves the positive dynamics of economic development paces, the reliability of the government's socio-economic reforms and especially the macroeconomic policy.
The high economic growth recorded according to the results of the first half of 2022 is underlying the rating reaffirmation conditioned by the influx of people and capital, the increase in domestic demand as a result of it the high rate of tax revenue collection, with the reduction of the government debt/GDP ratio in the conditions of the mentioned factors, as well as dram appreciation.
The "stable" outlook is conditioned by the Agency's expectations of maintaining stable economic growth in the coming year and in the medium term
The possible consequences of the economic decline of Russia, as the main trade partner of RA and the main source of remittances, and the factors existing in the conditions of military tension with Azerbaijan are identified as possible risks.