Fitch Ratings to Appraise Azerbaijan to Attach a Sovereign Rating to It in November 2006
In order to review the economic situation in Azerbaijan with the aim to attach a sovereign rating to the country for 2006, the visit of the delegation of representatives of the international rating agency Fitch Ratings is expected to visit Baku in November 2006. According to Azerbaijan`s Financial Ministry, the Azerbaijan party repeatedly informed the Moscow representative office of the agency about possible further questions Fitch are interested in to further attach a rating to the country
In the beginning of the year, Fitch Ratings confirmed the sovereign ratings of Azerbaijan in the national and foreign currencies at the previous level of BB (like in 2004), with the stable forecast. At the same time, the agency confirmed the short-term rating to the country at the level of B, with the rating of the country ceiling - BB.
The appraisal of the country will be carried out on the basis of the agreement signed between Azerbaijan`s Finance Ministry and Fitch Ratings considered for three years which was signed in July 2005. According to the agreement being achieved, the rating agency will review Azerbaijan`s economic situation to attach a sovereign rating to the country within 2005-2007. The Finance Ministry will annually envisage about в'¤ 40.000 in the State Budget aimed at Fitch Ratings` services.
On September 14, 2006, Azerbaijan gained a sovereign rating from the other international rating agency Moody`s Investor Services for the first time. This rating was one level up than the level according to Fitch Ratings, and one step down than the investment level. According to Moody's, the country gained the rating at the level of Ba1. The Government hopes that in the next tear (2007) the country will gain the investment rating from the both agencies.