We are quite excited for the upgrade of Armenia's Issuer Default Rating and have been working with Fitch for a long time in order to correct the weak points in our management or finances according to their methodology, so that we can record growth, Minister of Economy Vahan Kerobyan told reporters.

"It is very good that we reached the rating, which is the highest rating in Armenia. Of course, there were other such ratings before, but this is actually the highest index that Armenia has ever achieved. Naturally, this is not enough for us, our goal is to reach the so-called Investment Grade, which is "BB-." We are still three steps away from getting there. Consistent work will make this possible. Fitch mentioned both positive and negative points in its report, we pay attention to all of them,” he said.

The international credit rating agency Fitch Ratings has upgraded Armenia's long-term Issuer Default Rating (IDR) in foreign currency to "BB-" from "B+."