YEREVAN. - Fitch Ratings Agency’s publication will not directly impact Armenia’s state bonds’ market, Armenian Minister of Finance Vache Gabrielyan told at a press conference on Friday.

According to the minister, this is because Armenia does not issue foreign currency bonds as it is able to receive low-priced credits from international organizations. Georgia, on the other hand, does issue foreign currency bonds, but its B+ rating is much lower than Armenia’s BB rating.    

Gabrielyan noted that Armenia does not wish to issue foreign currency bonds yet, so, the Fitch rating will not impact Armenia directly. However, this rating is very important for Armenia’s financial institutions.

The private business sector likewise receives a rating from Fitch, but this cannot be higher than the country’s sovereign credit. The Armenian banks, in particular, have Fitch ratings which have a bearing on the interest rate and conditions of the means from abroad.