Armenia: Good Story, Rich Price: Valuations look stretched as rating upgrades could take time; move UW in the EMBIGD-20260720
Armenia's credit story has moved in a positive direction over the past year. An improvement in the regional geopolitics, especially related to the meaningful progress in the Armenia-Azerbaijan peace settlement process, has been positive for Armenia's credit risk premium. Furthermore, the macro-economic picture has improved as well given the structural shift in its growth drivers and external position. IT and financial services have become a material source of FX inflows, leading to the shift away from a rem ...