Yerevan, August 18 /Mediamax/. The Fitch Ratings has revised upwards the Country Ceiling for Armenia from the BB- (BB minus) level to BB level.

Mediamax reports that Fitch announced the revision of the Country Ceilings of 40 countries, including Russia, Kazakhstan and three Baltic States.

Mediamax recalls that Fitch assigned Armenia BB- (BB minus) sovereign credit rating with a Stable Outlook in early June, 2006.

David Riley, Managing Director of Fitch’s Sovereigns Group, stated then that “Armenia’s sovereign credit ratings are supported by prudent macroeconomic policies and a declining public and external debt burden that compares favorably with rated peers.”