S&P Global Ratings: Azerbaijan's int'l credit rating unaffected by oil prices
BAKU, Azerbaijan, March 28
By Nargiz Ismayilova – Trend:
S&P Global Ratings, one of top three international credit rating agencies has issued a report reflecting Azerbaijan's financial stability, Trend reports referring to Azerbaijan's Ministry of Finance.
The report shows that the international credit rating of Azerbaijan remained stable at "BB +" level.
"Due to the sharp drop in oil prices on world markets, S&P Global Ratings decided to conduct an extraordinary assessment of the ratings of oil exporting countries. This assessment was also carried out for Azerbaijan," the ministry said.
In a report published by the agency, the reaffirmation of Azerbaijan’s international credit rating and rating outlook was justified by the fact that the country has significant foreign exchange reserves, a strong fiscal position (assets), and a low level of external debt.
Standard and Poor’s agency traditionally carries out an assessment of Azerbaijan’s credit rating twice a year, in January and July, and the latest assessment was carried out on January 25 of this year and published by the agency.