Rating-Agentur Expert RA Gmb has risen the sovereign rating of Armenia from "B +" (moderate level of government creditworthiness, SGC) to "BB-" (high level of government creditworthiness) both in national and foreign currency, at the same time raising the credit rating of Armenia (CCE) from B (moderately low credit quality of the country) to "B +" (moderate credit quality of the country), in foreign and national currencies.

According to analyst Hector Alvarez of RAMS-Europe, "Improvement of Armenia's sovereign rating and credit environment reflects consistent and sustainable improvement of budget indicators, improvement of economic growth prospects and sustainability of the banking system. Additionally, the efficiency of the Central Bank's monetary policy transit mechanisms has increased, and the external sector performance has improved significantly despite the fact that the level of dollarization in the economy remains high. At the same time, despite the expected decline, the level of public debt remains high, its competitiveness remains low, and the economy remains substantially vulnerable to external shocks. In the future, if the current level of dollarization is maintained, the effectiveness of monetary policy of the Central Bank of Armenia can be considerably reduced. "

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