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ABOUT THE CBA
International cooperation
Rating agencies
The table contains rating evaluation of individual countries (Foreign Currency Long-Term Sovereign Debt Rating). For rating evaluation of market subjects, e.g. banks, it is necessary to contact directly these institutions. The methodology of conducting rating evaluation by individual agencies can be found on their web pages:
MOODY'S |
FITCH |
Investment grades |
Aaa |
Australia, Canada, Denmark, Germany, Luxembourg, Netherlands, New Zealand, Norway, Singapore, Sweden, Switzerland, USA |
AAA |
Australia, Canada, Denmark, Germany, Luxembourg, Netherlands, Norway, Singapore, Sweden, Switzerland, USA |
Aa1 |
Austria, Finland, Hong Kong, Isle of Man, United Kingdom |
AA+ |
Austria, Hong Kong, Finland |
Aa2 |
Abu Dhabi, France, Korea, Kuwait, Qatar, United Arab Emirates |
AA |
Belgium, France, Kuwait, New Zealand, Qatar, Abu Dhabi, United Kingdom |
Aa3 |
Belgium, Cayman Islands, Chile, China, Macao, Taiwan |
AA- |
Korea, Macao, Saudi Arabia |
A1 |
Czech Republic, Estonia, Israel, Japan, Saudi Arabia |
A+ |
Chile, China, Czech Republic, Estonia, Slovakia, Taiwan |
A2 |
Bermuda, Botswana, Poland, Slovakia |
A |
Israel, Japan, Malta, Ireland, Ras Al Khaimah |
A3 |
Iceland, Ireland, Latvia, Lithuania , Malaysia, Malta, Mexico, Peru, Sharjah |
A- |
Latvia, Lithuania, Malaysia, Poland, Slovenia |
Baa1 |
Mauritius, Oman, Thailand |
BBB+ |
Iceland, Italy, Mexico, Peru, Spain, Thailand |
Baa2 |
Bulgaria, Colombia, Italy, Panama, Philippines, South Africa, Spain, St. Maarten, Uruguay |
BBB |
Andorra, Colombia, Kazakhstan, Panama, San Marino |
Baa3 |
Bahamas, Bahrain, Brazil, India, Indonesia, Kazakhstan, Namibia, Romania, Slovenia, Trinidad and Tobago |
BBB- |
Aruba, Bulgaria, India, Indonesia, Morocco, Namibia, Philippines, Romania, Russia, Turkey, South Africa , Uruguay, Hungary |
Non-investment grades |
Ba1 |
Azerbaijan, Costa Rica, Guatemala, Hungary, Morocco, Paraguay, Portugal, Russia, Turkey |
BB+ |
Azerbaijan, Costa Rica, Portugal, Bahrain |
Ba2 |
Bahrein, Brazil, Croatia |
BB |
Brazil Croatia, Guatemala, Macedonia, Paraguay |
Ba3 |
Bangladesh, Bolivia, Côte d'Ivoire, Georgia, Tunisia |
BB- |
Bangladesh, Bolivia, Georgia, Serbia, Seychelles, Tunisia, Vietnam |
B1 |
REPUBLIC OF ARMENIA, Albania, Angola, Cyprus, Dominican Republic, El Salvador, Ethiopia, Fiji, Gabon, Jordan, Kenya, Montenegro, Nigeria, Senegal, Serbia, Sri Lanka, Suriname, Uganda, Vietnam |
B+ |
REPUBLIC OF ARMENIA, Cote d'Ivoire, Cyprus, Dominican Republic, El Salvador, Gabon, Kenya, Nicaragua, Rwanda, Serbia, Sri Lanka, Suriname, Uganda, Lesotho, Nigeria |
B2 |
Cambodia, Cameroon, Honduras, Kyrgyz Republic, Lebanon, Maldives, Nicaragua, Papua New Guinea, Rwanda |
B |
Angola, Argentina, Cabo Verde, Cameroon, Ecuador, Egypt, Ethiopia, Ghana, Jamaica, Mongolia, Pakistan, Zambia |
B3 |
Argentina, Bosnia and Herzegovina, Democratic Republic of the Congo, Ecuador, Egypt, Ghana, Moldova, Mongolia, Pakistan, Solomon Islands, St. Vincent & the Grenadines, Republic of the Congo, Zambia |
B- |
Belarus, Iraq, Lebanon |
Caa1 |
Barbados, Belarus |
CCC+ |
|
Caa2 |
Belize, Cuba, Jamaica |
CCC |
Greece, Venezuela, Ukraine, Republic of Congo |
Caa3 |
Greece, Mozambique, Ukraine, Venezuela |
CCC- |
|
Ca |
|
CC |
Mozambique |
C |
|
C |
|
SD |
|
RD |
|
D |
|
D |
|
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Developments of the Ratings of the Republic of Armenia
MOODY'S |
FITCH |
|
S & P |
|
FC Long-Term Sovereign Debt Ratings |
Outlook |
FC Long-Term Sovereign Debt Ratings |
Outlook |
FC Long-Term Sovereign Debt Ratings |
Outlook |
2006 |
Ba2 |
Stable |
BB- |
Stable |
|
|
2007 |
Ba2 |
Stable |
BB- |
Positive |
|
|
2008 |
Ba2 |
Stable |
BB |
Stable |
|
|
2009 |
Ba2 |
Stable |
BB- |
Stable |
|
|
2010 |
Ba2 |
Stable |
BB- |
Stable |
|
|
2011 |
Ba2 |
Negative |
BB- |
Stable |
|
|
2012 |
Ba2 |
Negative |
BB- |
Stable |
|
|
2013 |
Ba2 |
Stable |
BB- |
Stable |
|
|
2014 |
Ba2 |
Stable |
BB- |
Stable |
|
|
2015 |
Ba3 |
Negative |
B+ |
Stable |
|
|
2016 |
B1 |
Stable |
B+ |
Stable |
|
|
2017 |
B1 |
Stable |
B+ |
Positive |
|
|
2018 |
B1 |
Positive |
B+ |
Positive |
|
|
2019 |
Ba3 |
Stable |
BB- |
Stable |
|
|
2020 |
Ba3 |
Stable |
BB- |
Negative |
|
|
2021 |
Ba3 |
Stable |
B+ |
Stable |
B+ |
Positive |
2022 |
Ba3 |
Negative |
B+ |
Stable |
B+ |
Stable |
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Last update: September 23, 2016
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