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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 AA+ Austria, Hong Kong, Finland
Aa2 Abu Dhabi, France, Hong Kong, Isle of Man, Korea, Kuwait, United Arab Emirates, United Kingdom AA Abu Dhabi, France, Kuwait, New Zealand
Aa3 Belgium, Cayman Islands, Chile, Macao, Taiwan, Qatar AA-  Belgium, Korea, Macao, Taiwan, Qatar, United Kingdom
A1 China, Czech Republic, Estonia, Israel, Japan, Saudi Arabia A+ China, Czech Republic, Estonia, Israel, Slovakia, Saudi Arabia, Ireland, Malta
A2 Bermuda, Botswana, Ireland, Poland, Slovakia A Chile, Japan, Ras Al Khaimah, Iceland
A3 Iceland, Latvia, Lithuania , Malaysia, Malta, Mexico, Peru, Sharjah A- Latvia, Lithuania, Malaysia, Poland, Slovenia
Baa1 Mauritius, Slovenia, Thailand BBB+ Mexico, Peru, Spain, Thailand
Bulgaria, Colombia, India, Italy, Oman, Panama, Philippines, Spain, St. Maarten, Uruguay
BBB Andorra, Bulgaria, Colombia, Indonesia, Italy, Kazakhstan, Panama, Philippines, Portugal
Baa3 Bahamas, Hungary, Indonesia, Kazakhstan, Romania, South Africa BBB- Aruba, India, Hungary, Morocco, Oman, Romania, Russia, Uruguay, San Marino
Non-investment grades
Ba1 Guatemala, Morocco, Namibia, Paraguay, Portugal, Russia, Trinidad and Tobago, Turkey BB+ Azerbaijan, Turkey, Bahrain, Namibia, South Africa
Ba2 Azerbaijan, Brazil, Costa Rica, Croatia, Georgia BB Brazil, Croatia, Costa Rica, Cyprus, Guatemala, Macedonia, Paraguay, Serbia
Ba3 Bangladesh, Bolivia, Côte d'Ivoire, Cyprus, Dominican Republic, Fiji, Senegal, Serbia BB- Bangladesh, Bolivia, Dominican Republic, Georgia, Seychelles, Vietnam
B1 REPUBLIC OF ARMENIA,  Albania, Bahrain, Ethiopia, Honduras, Jordan, Kenya, Montenegro, Sri Lanka, Suriname, Tunisia, Vietnam B+ REPUBLIC OF ARMENIA, Cote d'Ivoire, Kenya, Nicaragua,  Rwanda, Maldives, Sri Lanka, Tunisia, Uganda, Lesotho, Nigeria
B2 Angola, Argentina, Cambodia, Cameroon, Kyrgyz  Republic, Maldives, Nicaragua, Nigeria, Papua New Guinea, Rwanda, Swaziland, Uganda B Angola, Argentina, Cabo Verde, Cameroon, Ecuador, Egypt, Ethiopia, Gabon, Ghana, Jamaica, Pakistan, Zambia
B3 Belize, Bosnia and Herzegovina, Democratic Republic of the Congo, Ecuador, Egypt, Gabon, Ghana, Jamaica, Lebanon, Moldova, Pakistan, Solomon Islands, St. Vincent & the Grenadines, Tajikistan, Zambia B- Belarus, El Salvador, Greece, Iraq, Lebanon, Suriname, Mongolia, Ukraine
Caa1 Belarus, El Salvador, Iraq, Mongolia CCC+
Caa2 Cuba, Greece, Republic of the Congo, Ukraine  CCC
Caa3 Barbados, Mozambique, Venezuela CCC-
Ca CC Republic of Congo
SD RD Mozambique, Venezuela

Developments of the Sovereign 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​​
2017​ B1​ ​Stable B+ Positive
Last update: December 15, 2017

Electronic Government of the Republic of Armenia

Financial System Mediator

Armenian Deposit Guarantee Fund

Armenian Card

Armenian Motorinsurers’ Bureau

National Mortgage Company

ACRA Credit Reporting

German-Armenian Fund

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