Azerbaijan to restore its previous int’l ratings in 2018

Business Materials 21 February 2018 20:48 (UTC +04:00)

Baku, Azerbaijan, Feb. 21

By Anvar Mammadov – Trend:

Azerbaijan will be able to restore its previous international ratings in 2018, a source in the country’s government said.

"During the financial crisis, our financial ratings, assigned by Fitch, S&P and Moody's, slightly declined,” the source said. “To date, the ratings have already stabilized and we think that in 2018 we will be able to restore Azerbaijan’s investment ratings to the pre-crisis level."

Before the global financial crisis, which had an impact on Azerbaijan, the long-term issuer default ratings in national and foreign currencies assigned by Fitch and S&P were at BBB- and the sovereign rating approved by Moody's - Baa3.

The issuer rating and senior unsecured rating of Azerbaijan’s debt obligations, assigned by Moody's, has been affirmed at Ba2. The long-term issuer default ratings in national and foreign currencies have been affirmed by Fitch at BB +, while Azerbaijan’s long-term and short-term sovereign credit rating in foreign and local currency has been affirmed by S&P at 'BB + / B'.

All three rating agencies forecast an increase in macroeconomic indicators in Azerbaijan and the restoration of the balance of payments.