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. 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.
Under EU credit rating agency (CRA) regulation, the publication of International Public Finance
reviews is subject to restrictions and must take place according to a published schedule, except
where it is necessary for CRAs to deviate from this in order to comply with their legal obligations.
In this case the deviation was caused by the upgrade of Armenia.
Fitch interprets this provision as allowing us to publish a rating review in situations where there is
a material change in the creditworthiness of the issuer that we believe makes it inappropriate for
us to wait until the next scheduled review date to update the rating or Outlook/Watch status.
The next scheduled review dates for the City of Yerevan to be held in 2020 will be determined by
end-2019 once the calendar comprising the next reviews is published.
Link to Fitch Ratings’ Report(s): City of Yerevan – Rating Action Report
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