Azerbaijan, Baku, Dec. 23 / Trend N. Ismayilova /
The international rating agency Standard & Poor's raised Azerbaijan's long-term rating in foreign and local currencies from "stable" to "BBB-", the Azerbaijani Foreign Ministry said.
According to the report, it is connected with the increase in oil revenues coming into the country, as well as their effective management to create the position of internal and external net creditor. The agency also stressed the implementation of strong fiscal policy by Azerbaijan.
"Standard & Poor's announced that the agenda includes the probable reduction of 15 leading countries' rating, including Germany and France in terms of financial crisis.
In this complex situation, the appreciation of the processes occurring in Azerbaijan, shows the international financial community's confidence in the country, the presence of favorable conditions for large companies to enter the international financial markets, as well as favorable conditions for Azerbaijan's more easy way out on the international capital markets, the message said.
Fitch Ratings assigned Azerbaijan with long-term rating in the local and foreign currencies with "BBB-", "Positive" in May 2010.