...

Azerbaijan enters a contract with 2nd rating agency

Business Materials 28 February 2006 14:02 (UTC +04:00)

The Azerbaijani Ministry of Finances and international rating agency Moodys signed a 1-year contract. The Ministry told Trend that the agency will conduct a report for grating the country with a sovereignty rating for 2006.

The London-based City Group, a consultant of the government in selection of the second rating agency, will submit the document to the Azerbaijani side shortly.

The document was inked by Heydar Asadov, the Deputy Finances Minister and submitted Moodys.

$40,000 will be allocated out of the public budget for the payment to the rating agency.

The second agency will enable to receive ratings from two agencies in 2006.

Fitch Rating, an international rating agency, has recently asserted the sovereign rating of Azerbaijan in the foreign and national currency on the level of BB (like in 2004) and defined the forecast stable. The same time, the agency asserted a short-term rating in the level of B and rating per-country limit - BB. Avez Alekperov, the Finances Minister, attributed it as a careful and slow estimation by the international experts, but he is sure that in 2006 it will be possible to raise the level.

Latest

Latest