ArmInfo. The international rating agency Fitch Ratings has upgraded Armenia's rating outlook from Stable to Positive, affirming it at BB-. Armenian Prime Minister Nikol Pashinyan wrote this on his Facebook page.
"This is professional confirmation that Armenia's economic policy and institutional stability are gaining new significance in international markets. Armenia's economic development is entering a new phase of trust. Congratulations to all of us," the Prime Minister noted.
On January 16, Fitch Ratings published a statement revising the outlook on Armenia's long-term foreign exchange rating (LDFC) from Stable to Positive, explaining: "This reflects Armenia's increasing international reserves and continued robust growth, which will support fiscal consolidation in line with debt stabilization over the medium term. The US-backed peace agreement with Azerbaijan significantly reduces the short-term risks of military escalation, but uncertainty remains regarding its successful completion due to the approach of parliamentary elections and a potential referendum on constitutional reform."
Fitch forecasts Armenia's real GDP growth in 2025 at 5.5% (versus an average annual growth of 8.9% in 2022-2024 due to Russian capital inflows and migration), supported by robust activity in the construction, IT, and financial sectors. Armenia's GDP growth will exceed 5% in 2026-2027, driven by robust growth in the services sector and the opening of the Amulsar gold mine, which, according to IMF estimates, will contribute 1.25 percentage points to GDP growth in 2026-2027. Additional growth potential in the medium term may come from continued implementation of the peace agreement with Azerbaijan and the reopening of the border with Turkey.
As a reminder, in mid-2025, S&P Global Ratings maintained Armenia's long- and short- term sovereign ratings for foreign and local currency obligations at 'BB-/B' with a stable outlook.
