Fitch withdraws city of Yerevan’s ratings

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YEREVAN, November 23. /ARKA/. Fitch Ratings said it has withdrawn the Armenian City of Yerevan’s ‘B+’ Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) as the issuer has chosen to stop participating in the rating process.

‘Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide analytical coverage for the City of Yerevan, including the related ESG Relevance Scores,’ it said.

In October 2020, the Fitch Ratings downgraded the Armenian City of Yerevan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘. The Outlook was Stable.

The downgrade followed a similar action on the sovereign ratings of Armenia due to worse-than- expected economic deterioration caused by the coronavirus pandemic and the recent escalation of the large-scale military actions along the Line of Contact in the Nagorno-Karabakh conflict zone.

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