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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:

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
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

Developments of the Ratings of the Republic of Armenia
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​​
Last update: September 23, 2016

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