Moody's Upgrades Armenia's Sovereign Rating from 'B1' to 'Ba3': Pashinyan

Armenian Prime Minister Nikol Pashinyan has announced on his Facebook page that the international rating agency Moody's has upgraded Armenia's sovereign rating from 'B1' to 'Ba3'.

"I am pleased to inform you that Moody's has upgraded Armenia's sovereign rating from 'B1' to 'Ba3'. This decision is based on Moody's evaluations that the increasing diversification of economic growth drivers in Armenia, coupled with a long-maintained macroeconomic stability, enhances the resilience of the Armenian economy," Pashinyan wrote.

In its statement, Moody's noted that real GDP growth in Armenia is expected to remain high in the medium term. The development of the IT sector in Armenia was particularly emphasized, as it is primarily engaged in research and development of high technologies and constitutes a strong foundation for a knowledge-based economy.

This is indeed a significant event that increases international confidence in the Armenian economy and substantially improves our country's investment attractiveness," the Prime Minister added.