Fitch Ratings has affirmed Armenia's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB-'.

The Outlooks are Stable. The issue ratings on Armenia's senior unsecured foreign and local currency bonds have also been affirmed at 'BB-'.

The Country Ceiling has been affirmed at 'BB' and the Short-term foreign currency IDR at 'B'.

“Because of its high dependence on Russia in terms of gas supplies, remittances and military support, Armenia remains particularly vulnerable to developments and policy changes in Russia. Despite the slowdown in Russia, remittances have held up,” the statement reads.