Fitch Ratings affirmed Armenia's long-term credit rating at BB- and maintained a positive outlook. This means that in the future, the country's rating could be upgraded if high economic growth rates are sustained, debt burden is reduced, and geopolitical risks decrease.

The agency notes the strengthening of Armenia's international reserves, sustainable economic growth, and a potential reduction in risks due to progress in the peace process with Azerbaijan. Among the factors of uncertainty, Fitch highlights relations with Russia, which remains Armenia's largest trading partner and provides over 80% of imported gas supplies.

According to the agency's assessment, after a 7.1% GDP growth in 2025, Armenia's economy may slow to 5.2% in 2026, but this figure will remain above the average for BB-rated countries. Growth may subsequently stabilize at around 5% due to the development of the IT sector, the launch of the Amulsar mine, infrastructure projects, and the potential opening of the border with Turkey.

Fitch specifically highlighted a promising AI data center project, with investments potentially reaching 12% of the country's GDP. The agency also noted a record volume of international reserves — $5.9 billion at the end of May 2026.

However, risks remain: the current account deficit has risen to 7.2% of GDP, expected inflation in 2026 is 4.4%, and public debt at 47.2% of GDP remains vulnerable to currency fluctuations and external factors.