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S&P Global Ratings reaffirms Armenia’s sovereign ratings with "stable" outlook

S&P Global Ratings reaffirmed ''B+/B'' long and short-term foreign-and local-currency sovereign credit ratings on Armenia, with a ''stable'' outlook, the Finance Ministry of Armenia said in a statement.

According to the statement, the stable economic growth of Armenia, the decline in 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 credit ratings.

The reaffirmation of the rating for Armenia by the agency is a positive signal, especially taking into account the global and regional developments and macroeconomic uncertainties, as well as shows the positive dynamics of the economy’s development rates, the reliability of  the policy, especially the macroeconomic policy pursued by the Government of the Republic of Armenia.

This reaffirmation is due to the high economic growth registered with the results of the first half of 2022, conditioned particularly by the inflow of people and capital, the growth in domestic demand as a result, the high rate of tax revenue collection and the decline in government debt/GDP ratio in conditions of dram’s appreciation.

The ''stable'' outlook is connected with the agency’s expectations with the maintenance of stable economic growth in the coming year and the medium-run. The possible consequences of the economic decline of Russia, as Armenia’s main trading partner and a main source of monetary transfers, as well as the factors existing in conditions of military tension with Azerbaijan are mentioned by the agency as possible risks.

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