Fitch rates Armenian capital of Yerevan 'B+'; Outlook StableMarch 6, 2021 - 12:49 AMT PanARMENIAN.Net - Fitch Ratings has assigned the Armenian City of Yerevan Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'B+' with Stable Outlook, the agency said Thursday, March 4. The ratings reflect Yerevan's Standalone Credit Profile (SCP) of 'bb-', resulting from a combination of a 'Vulnerable' risk profile and a 'aaa' debt sustainability assessment. The IDRs are capped by the Armenian sovereign ratings of 'B+'/Stable. Yerevan is Armenia's largest economic and metropolitan area. As of 2020, the city's population was 1.1 million. The economy is dominated by the service sector and its wealth metrics are modest compared with international peers. The city's accounts are cash-based, and the budget framework covers a single year. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |