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’.
Yerevan’s IDRs are constrained by Armenia’s sovereign IDRs (B+/Positive) as the city’s standalone credit profile (SCP) is assessed at ‘bb+’. The city’s SCP reflects a combination of a ‘Vulnerable’ risk profile assessment and strong debt metrics leading to a ‘aaa’ debt sustainability assessment.
Yerevan is Armenia’s capital and its largest metropolitan area. It is the country’s largest market with a developed services sector and most populous community, with 1.1 million people. Yerevan’s wealth metrics remain relatively modest in the international context affecting the city’s overall financial profile. Yerevan remains debt free, although it can borrow on the domestic debt capital market, subject to certain restrictions. The city’s accounts are cash-based, while budget framework covers single year.
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