Fitch Ratings has revised the Outlook on the Armenian City of Yerevan’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at “B+”.

Following the recent Outlook revision on Armenia’s Long-Term IDRs, the agency has taken similar rating action on Yerevan as “it is rated at the same level as the sovereign and its IDR is constrained by the sovereign ratings.”

“Fitch believes that the city will keep posting a satisfactory budgetary performance, supported by steady transfers from the central government and sustain its zero debt status,” the agency writes.

Let us remind that Fitch Ratings has revised Armenia’s outlook to Positive from Stable, while affirming the sovereign’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at “B+”.