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Fitch Ratings revised on 22 November 2019 Armenia’s sovereign credit rating to ‘BB-’ from ‘B+’ and assigned a stable outlook. As key drivers behind the revision the Rating Agency has cited the fact that Armenia's institutions have facilitated a peaceful and orderly political transition and could strengthen further through structural reforms.

“The majority government under Prime Minister Nikol Pashynian has demonstrated its commitment towards a stable macroeconomic policy agenda and to the implementation of structural reforms, including the fight against corruption and monopolies and enhanced institutions and governance. Armenia's composite World Bank governance indicator improved substantially in 2018 to a 46% ranking, from 42.2% in 2017, reflecting a marked improvement in the 'Control of Corruption' (to 42.8% from 32.7%), 'Political Stability', 'Government Effectiveness', and 'Voice and Accountability' sub-indicators,” Armenia’s Rating Action Report said posted on the Fitch website.

According to the source in spite of external volatility, domestic political shocks, and a period of rapid growth, Armenia has preserved macroeconomic and financial stability with inflation (3.8% in October) remaining below the Central Bank of Armenia (CBA) target of 4%, versus 3.4% for the current 'BB' median.

It further noted that there is greater confidence in the government's commitment to put debt on a downward trajectory, as reflected by the adoption of a revised fiscal rule in 2018 aimed at bringing central government debt to below 50% of GDP by 2023. The ratings agency forecasts gross general government debt to decrease to 51.2% of GDP in 2019, and 48.4% in 2021.