Moody's Investors Service ("Moody's") has today affirmed the Government of Armenia's Ba3 local and foreign currency long-term issuer ratings, as well as the foreign currency senior unsecured ratings, APA-Economics reports citing Moody's.
Concurrently, Moody's has changed the outlook to negative from stable. The drivers of the negative outlook are Moody's assessment of increased risks that Armenia's near- and longer-term growth outlook deteriorates materially due to the impact of a sharp weakening of prospects for the Russian economy, which Armenia is linked to.
In turn, weaker growth would have a negative impact on the sovereign's fiscal profile. In addition, Russia's invasion of Ukraine has increased geopolitical risks.
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