Armenia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Ba3 Stable | BB- Stable | BB- Positive | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jan 16, 2026 | Fitch | B+ | Positive | BB- | Positive | |
| Aug 25, 2023 | S&P | B+ | Positive | BB- | Stable | |
| Jun 22, 2023 | Moody's | Ba3 | Stable | Ba3 | Stable | |
| Feb 10, 2023 | Fitch | B+ | Stable | B+ | Positive | |
| Oct 12, 2021 | S&P | NR | B+ | Positive | ||
| Oct 05, 2020 | Fitch | BB- | Negative | B+ | Stable | |
| Apr 03, 2020 | Fitch | BB- | Stable | BB- | Negative | |
| Nov 22, 2019 | Fitch | B+ | Positive | BB- | Stable | |
| Aug 27, 2019 | Moody's | B1 | Positive | Ba3 | Stable | |
| Mar 09, 2018 | Moody's | B1 | Stable | B1 | Positive | |
| Dec 15, 2017 | Fitch | B+ | Stable | B+ | Positive | |
| Mar 18, 2016 | Moody's | Ba3 | Negative | B1 | Stable | |
| Jan 30, 2015 | Fitch | BB- | Stable | B+ | Stable | |
| Jan 15, 2015 | Moody's | Ba2 | Stable | Ba3 | Negative | |
| Aug 20, 2013 | Moody's | Ba2 | Negative | Ba2 | Stable | |
| Nov 21, 2011 | Fitch | BB- | Stable | BB- | Stable | |
| Aug 13, 2009 | Fitch | BB | Stable | BB- | Stable | |
| Aug 14, 2008 | Moody's | Ba2 | Stable | Ba2 | Negative | |
| Jul 03, 2008 | Fitch | BB- | Positive | BB | Stable | |
| May 01, 2007 | Fitch | BB- | Stable | BB- | Positive |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Armenia’s current credit rating?
Armenia’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Armenia’s credit risk.
Has Armenia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Armenia, showing when each agency last reviewed or changed its assessment.
Why does Armenia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Armenia's bond yields, currency, and equity flows as investors reassess risk.
How does Armenia’s rating compare to other countries?
You can explore how Armenia ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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