Baku, Azerbaijan, July 29
Trend:
The international ratings agency Standard & Poor’s has affirmed long-term and short-term sovereign credit rating of Azerbaijan in foreign and local currency at ‘BB+/B’, with negative outlook, said the country’s Finance Ministry in a message July 29.
The sovereign credit rating of Azerbaijan remained unchanged, due to the country’s strong fiscal position, and in particular, due to the availability of foreign currency reserves of the State Oil Fund, says the message.
According to the S&P, the negative outlook can be changed to positive as a result of elimination of the existing pressure on the balance of payments, the growth of the country’s economic indicators and the strengthening of stability in the banking system.