Fitch Ratings kept the long-term rating of depositary receipts (IDR) of Armenia on BB- level with steady outlook. The previous forecast, published in October 2010 contained similar estimation.

The agency affirmed the rating of short-term depository receipts on B level and the country ceiling rating on BB level.

Armenia got its first rating on Fitch in 2006 on BB- level. In 2008 it increased to BB but was eventually reduced.

Fitch experts believe that Armenian government will reduce the profitably-consumable budget deficit to 3.9% of GDP in relation with the 5% of 2011. In 2012 they expect to reduce it to 3.2%.

The volume of payments on public debt will increase in 2012-2013 but it still remain lower compared with the middle BB rate.

The sovereign debt makes 60% of the gross foreign debt, substantially on concessional terms.  

"It softens the high level of gross external debt to 69% of GDP," say Fitch analysts.