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Fitch Ratings has affirmed the Armenian City of Yerevan’s long-term foreign- and local-currency Issuer Default Ratings (IDRs) at 'B+' with positive outlooks and short-term foreign-currency IDR at 'B'.

The affirmation considers Armenia's weak institutional framework for local and regional governments (LRGs) amid the city's satisfactory fiscal performance, supported by steady transfers from the central government.

The ratings also factor in the city's capital status and zero debt. The Positive Outlook reflects that on the sovereign ratings.

Yerevan is likely to benefit from the projected economic recovery in Armenia over the medium term. In its macro forecast, Fitch expects full-year growth of the national economy of about 4% in 2018-2019. As the country's capital and most populated city, Yerevan is Armenia's largest market with a developed services sector.

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