BAKU, Azerbaijan, Jan. 27
By Eldar Janashvili - Trend:
S&P Global Ratings, an international rating agency, has affirmed its long- and short-term foreign and local currency sovereign credit ratings on Azerbaijan at 'BB+/B', Trend reports referring to the rating agency.
The ratings reflect significant foreign assets accumulated in the sovereign wealth fund, the State Oil Fund of the Republic of Azerbaijan (SOFAZ), as well as still-weak institutional effectiveness, monetary policy flexibility, and strong fiscal and external net asset positions.
“We project that Azerbaijan's fiscal and external balances, although materially weaker than 2019, will remain in surplus, and we note the government’s strong net asset position,” reads the report. “We expect that the authorities will continue to focus on macroeconomic stability, including fiscal management.”