The delegation of international rating agency Moodys and Turkish representation of City Group arrived in Baku this week to make a review of Azerbaijan economy for giving the country a sovereign rating for the year 2006. Governmental officials told Trend the delegation consists of Jonathan Schiffer and, vice-president, Moodys, analyst Kenneth Orchard, Dilen Demir, vice-president, City Group, and Stefan Takin, CEO.
In the course of the two-day visit, executives will lead discussions on data earlier submitted to Moodys. These data concern macroeconomic indices of the country, ongoing economic processes, situation in banking market, demographic state. Yesterday experts held meetings in ministries of finances and economic development, State Oil Fund an State Oil Company and today in National Bank, International Bank, BP, and EBRDs Baku office.
The Ministry of Finance concluded a one-year contract with Moodys and is going to allot $40k to compensate its services.
During 2006, Azerbaijan will obtain ratings from two agencies. According to confirmed rating compiled by Fitch Ratings, Azerbaijan remained at BB level (the same as in 2004), with stable forecast. At the same time the agency confirmed the short-term rating B.