Baku, Azerbaijan, Feb. 5
By Anvar Mammadov – Trend:
International rating agencies recognized the real results of the reforms conducted under the leadership of Azerbaijani President Ilham Aliyev and confirm that Azerbaijan conducts most of reforms among the CIS countries, Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms and Communication, said.
Gasimli was commenting on recent revision of the outlook on Azerbaijan's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Stable from Negative and affirmation of the IDRs at 'BB+' by Fitch Ratings.
Gasimli added that the world increasingly trusts the Azerbaijani economy.
"The credit rating is a good opportunity for sovereign and pension funds and other investors to assess the solvency of Azerbaijan," he said. “The higher is the credit rating, the more preferences a country can get with a loan. Moreover, a high credit rating expands the access for Azerbaijani companies to foreign markets and allows developing the securities market."
Gasimli stressed that positive trends are also felt in the financial and banking sectors.
"The stability of manat, the gradual decline in the rate of inflation, the decline in dollarization, the increase of profitability of banks, the injection of capital and other factors are the results of reforms in the financial and banking sectors," he said. “All this also positively affects our credit rating."