BAKU, Azerbaijan, August 13. Fitch Ratings has upgraded Azerbaijani Mortgage and Credit Guarantee Fund's (MCGF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+', Trend reports.
According to Fitch, the MCGF rating's outlook is stable.
Fitch analysts pointed out that MCGF is an important government-related entity with a crucial policy role in the provision of affordable housing and supporting small and medium businesses.
The agency emphasized that MCGF's rating is equal to Azerbaijan's sovereign rating.
The increase in the fund's rating reflects the stability of the economic situation in the country and the strengthening of the fund’s role in the development of the socio-economic policy of Azerbaijan.
Fitch also pointed out that an increase in the country's sovereign rating will lead to an increase in the MCGF rating.
The Mortgage and Credit Guarantee Fund was established by decree of the President of the Republic of Azerbaijan in 2017 through the reorganization and merger of Azerbaijan Mortgage Fund OJSC and Azerbaijan Credit Guarantee Fund OJSC.
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