The International Fitch Ratings Agency confirmed the long-term default rating of the Issuer (IDR) of Azerbaijan in foreign and local currency at the BB + level, increasing the rating outlook from the “negative” to “stable”.
According to Fitch’s report, the short-term rating of the issuer’s default in foreign and local currency of the country is approved at the level of “B”.
The rating strength has been preserved against the background of the Pandemic COVID-19 and is currently supported by a new high Fitch forecast at the cost of oil. The risk that the new COVID-19 wave or the resumption of military conflict in Nagorno-Karabakh will negatively affect the sovereign financial buffers, has decreased since November.