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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, Denmark, Germany, Luxembourg, Netherlands, Norway, Singapore, Sweden, Switzerland, USA
Aa1 Austria, Finland AA+ Austria, Canada, Finland 
Aa2 Abu Dhabi, France, Isle of Man, Korea, Kuwait, United Arab Emirates, United Kingdom AA Abu Dhabi, France, Kuwait, New Zealand
Aa3 Belgium, Cayman Islands, Czech Republic, Hong Kong, Macao, Qatar, Taiwan AA- Belgium, Czech Republic, Estonia, Hong Kong, Korea, Taiwan, Qatar, United Kingdom
A1 Chile, China, Estonia, Israel, Japan, Saudi Arabia A+ China, Israel, Ireland, Malta
A2 Bermuda, Botswana, Iceland, Ireland, Malta, Poland, Slovakia A Chile, Iceland, Japan, Lithuania, Ras Al Khaimah, Saudi Arabia, Slovakia, Slovenia
A3 Latvia, Lithuania , Malaysia, Peru A- Spain, Latvia, Malaysia, Poland,
Baa1 Mauritius,  Mexico, Panama, Slovenia, Spain, Thailand BBB+ Andorra, Peru, Thailand
Bulgaria, Colombia,  Indonesia, Philippines,  Sharjah,  Uruguay
BBB Bulgaria, Hungary, Indonesia, Kazakhstan, Panama, Philippines, Portugal, Russia,
Baa3 Hungary, India, Italy, Kazakhstan, Portugal, Romania,  Russia, Sint Maarten BBB- Colombia, Cyprus, Croatia, India, Italy, Morocco, Mexico, Romania, Uruguay 
Non-investment grades
Ba1 Guatemala, Morocco, Paraguay, South Africa, Trinidad and Tobago BB+ Azerbaijan, North Macedonia, Paraguay, Serbia, San Marino
Ba2 Azerbaijan, Bahamas, Brazil, Croatia, Cyprus, Georgia. Namibia BB Aruba, Georgia, Greece, Namibia, Vietnam, South Africa
Ba3 REPUBLIC OF ARMENIA,  Bangladesh, Côte d'Ivoire,  Dominican Republic, Fiji, Oman, Senegal, Serbia, Vietnam BB- REPUBLIC OF ARMENIA, Bangladesh, Brazil, Dominican Republic, Guatemala, Jordan, Oman, Turkey, Uzbekistan
B1 Albania, Bolivia, Greece, Honduras, Jordan, Montenegro, Turkey,  Uzbekistan B+
Bahrain, Bolivia, Cote d'Ivoire, Egypt, Jamaica,  Kenya, Rwanda, Seychelles, Uganda
Bahrain, Benin, Cambodia, Cameroon, Costa Rica, Egypt, Ethiopia, Jamaica, Kenya, Kyrgyz  Republic, Nigeria, Papua New Guinea, Rwanda, Sri Lanka, Tanzania, Tunisia, Uganda
B Benin, Belarus, Cameroon, Costa Rica, Ethiopia, Ghana, Lesotho, Mongolia,  Maldives, Nigeria, Tunisia, Ukraine
B3 Angola, Belarus, Bosnia and Herzegovina, El Salvador,  eSwatini, Ghana, Maldives, Mali, Moldova, Mongolia, Nicaragua, Niger, Pakistan,  Solomon Islands, St. Vincent & the Grenadines, Tajikistan, Togo, Ukraine   B-
Angola, Cabo Verde,  Iraq, Laos, Sri Lanka, Nicaragua,  Pakistan, El Salvador
Caa1 Barbados, Belize, Democratic Republic of the Congo, Gabon, Iraq CCC+
Caa2 Cuba, Laos, Mozambique, Republic of the Congo CCC Republic of Congo, Gabon, Mozambique
Caa3 Ecuador, Suriname CCC-
Ca Argentina, Zambia CC  Suriname, Zambia
C Lebanon,  Venezuela C
SD RD Argentina, Ecuador, Lebanon
D D Venezuela

Developments of the Sovereign Ratings of the Republic of Armenia
FC Long-Term Sovereign Debt Rating​s Outlook FC Long-Term Sovereign Debt Ratings Outl​ook
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+ Positive
2022​ Ba3 Negative B+ Stable​
Last update: September 1, 2020

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