Fitch Ratings has upgraded the City of Yerevan’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘BB-‘ from ‘B+’. The Outlook is Stable.
On May 29, 2019, Fitch Ratings has confirmed Yerevan’s rating at ‘B+’ with the Positive Outlook.
The upgrade follows that of Armenia (see ‘Fitch Upgrades Armenia to ‘BB-‘; Outlook Stable’ dated 22 November 2019 on www.fitchratings.com) as we view the city’s ratings as constrained by the sovereign.
Issuer Specific Fitch’s rating case scenario is a “through-the-cycle” scenario, which incorporates a combination of revenue, cost and financial risk stresses. It is based on the 2014-2018 figures and 2019-2023 projected ratios.
