International rating agency Fitch Ratings downgraded the long-term issuer default ratings (RDE) of Armenia in foreign and national currency from the BB to BB-. Outlook on the ratings stable, there was circulated today in a press release agency. Fitch also downgraded the country ceiling rating from BB to BB level and confirmed the short-term RDE in foreign currency B.
Despite the significant steps taken in the framework of policies and supported by the international community, the seriousness of the shock has weakened the basic indicators of creditworthiness and medium-term prospects of Armenia, - said Andrew Kohun, director of the analytical group Fitch sovereign ratings. - Disclosure of the economic potential of Armenia and restoration of a strong and sustained growth needed to reduce poverty and raise incomes, will be much more difficult as a result of the crisis.
stable outlook reflects the assessment of Fitch, that short-term risks to macroeconomic and financial stability are relatively low in view of the measures and assistance from the international financial community. Armenia's rating at BB-still continue to support moderate levels of public and external debt and a more favorable business conditions than in many comparable countries in the top category BB. At the same time, the seriousness of shock - in the first half of 2009, the economy of Armenia has decreased by 16.3% on the same period the previous year - points to the narrowness of the base of economic activity, exposure to economic volatility in Russia in particular and very limited flexibility in terms of funding.
projected Fitch, Armenia's GDP to shrink by 15% in 2009 (the third worst result is expected to States reytinguemyh Agency), which indicates the vulnerability of the economy, which has small size and narrow base, as well as dependent on the remittances of citizens working abroad. The inflow of remittances from abroad (amounting to about 9% of GDP in 2008) drastically reduced, as the economy of Russia, where many citizens of Armenia, is a serious recession. Foreign direct investment amounted to only 27 million dollars in the I quarter of 2009, which is less than one-quarter of the level of I quarter 2008, while exports declined almost by half in the first half of 2009, despite a 20 per cent devaluation drama about the U.S. dollar in March 2009
After the release of statistics on the U.S. growth rate of the Russian stock indexes began to decline sharply
In control of Sibur Holding was established rule
The course has increased the dollar - the evening review of cash markets
If it were not for excise tax on cigarettes, in July, inflation would not be?
CEC may start a presidential campaign on 19 September
Vanco again invited world Tymoshenko
Technically, the MICEX index has continued to consolidate in the characteristic of the last time for him between 1084 - 1120 points
At the end of the trading the MICEX currency market the U.S. dollar at the ETC in the calculations tomorrow was 31.9835 rubles. the dollar
RusGidro granted the request of investors to purchase additional shares in the amount of 7.5 billion rubles
Fitch downgraded the ratings of Armenia from the BB to BB-, outlook stable
International rating agency Fitch Ratings downgraded the long-term issuer default ratings (RDE) of Armenia in foreign and national currency from the BB to BB-. Outlook on the ratings stable, there was circulated today in a press release agency. Fitch also downgraded the country ceiling rating from BB to BB level and confirmed the short-term RDE in foreign currency B.
Despite the significant steps taken in the framework of policies and supported by the international community, the seriousness of the shock has weakened the basic indicators of creditworthiness and medium-term prospects of Armenia, - said Andrew Kohun, director of the analytical group Fitch sovereign ratings. - Disclosure of the economic potential of Armenia and restoration of a strong and sustained growth needed to reduce poverty and raise incomes, will be much more difficult as a result of the crisis.
stable outlook reflects the assessment of Fitch, that short-term risks to macroeconomic and financial stability are relatively low in view of the measures and assistance from the international financial community. Armenia's rating at BB-still continue to support moderate levels of public and external debt and a more favorable business conditions than in many comparable countries in the top category BB. At the same time, the seriousness of shock - in the first half of 2009, the economy of Armenia has decreased by 16.3% on the same period the previous year - points to the narrowness of the base of economic activity, exposure to economic volatility in Russia in particular and very limited flexibility in terms of funding.
projected Fitch, Armenia's GDP to shrink by 15% in 2009 (the third worst result is expected to States reytinguemyh Agency), which indicates the vulnerability of the economy, which has small size and narrow base, as well as dependent on the remittances of citizens working abroad. The inflow of remittances from abroad (amounting to about 9% of GDP in 2008) drastically reduced, as the economy of Russia, where many citizens of Armenia, is a serious recession. Foreign direct investment amounted to only 27 million dollars in the I quarter of 2009, which is less than one-quarter of the level of I quarter 2008, while exports declined almost by half in the first half of 2009, despite a 20 per cent devaluation drama about the U.S. dollar in March 2009
After the release of statistics on the U.S. growth rate of the Russian stock indexes began to decline sharply
In control of Sibur Holding was established rule
The course has increased the dollar - the evening review of cash markets
If it were not for excise tax on cigarettes, in July, inflation would not be?
CEC may start a presidential campaign on 19 September
Vanco again invited world Tymoshenko
Technically, the MICEX index has continued to consolidate in the characteristic of the last time for him between 1084 - 1120 points
At the end of the trading the MICEX currency market the U.S. dollar at the ETC in the calculations tomorrow was 31.9835 rubles. the dollar
RusGidro granted the request of investors to purchase additional shares in the amount of 7.5 billion rubles