The speculated decline of economic growth of the partner countries where Armenia exports its products caused Moody's to lower the country’s rating, a Forex Club analyst said.

“This makes us focus on the problem of market diversification of Armenian product,” Mikael Verdyan said on November 23, adding that the country should tackle the existing problems to ensure economic growth for the coming year.

Moody's rating agency lowered Armenia's issuer default long-term rating in foreign and national currency (Ba2) from "stable" to "negative." The agency’s official website explains the aforesaid by the growing risks for Armenia due to slow economic growth of Russia and Europe where Armenia exports 58% of its products.