ArmInfo. Fitch Ratings has withdrawn the Armenian City of Yerevan's 'B+' Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) as the issuer has chosen to stop participating in the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, the statement of the Fitch Ratings reads.
''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. The ratings have been withdrawn with the following reason: incorrect or insufficient information provided.''
To note, the last time Fitch Ratings revised the ratings of the city of Yerevan in October 2020, downgrading the long-term issuer default ratings (IDR) of the city of Yerevan (Armenia) in foreign and national currencies from "BB-" to "B +" with a "Stable" outlook ... The downgrade of Yerevan's rating followed a similar action on Armenia's sovereign ratings. In particular, Fitch's downgrade of Armenia's ratings to "B +" with a "Stable" outlook was caused by a worse than expected economic situation in the country due to the coronavirus pandemic and the aggravation of large-scale hostilities along the line of contact in the Nagorno-Karabakh conflict zone. Fitch planned the date of the next revision of the rating for the city of Yerevan on November 20, 2020, but by the decision of the Yerevan Municipality, participation in the rating process was terminated.
