Standard & Poors raises Azerbaijan rating
The international rating agency Standard & Poors has
revised the outlook on Azerbaijan’s sovereign credit rating to
"positive" from "stable". Also, the country’s long-term rating was
confirmed on the BB+ level, and the short-term one – on the B
level, Standard & Poors said Monday.
Increase of the rating forecast is explained by strengthening of Azerbaijan’s foreign and fiscal balance in the conditions of double surplus (both under the budget and under the current account). This progress is likely to increase the country’s investment rating to BBB- in a very short time.
Amid the financial and economic crisis, which emerged in the second half of 2008, Standard & Poors upgraded the sovereign rating projection for the first time, and Azerbaijan is the country whose rating has increased.
Standard & Poors explains the decision with the growth in assets of the public sector and improvement of the international investment situation, as well as low state debt.
Despite the global recession, Standard & Poors forecasts economic growth in Azerbaijan at the level of 10% in 2009 and 7% in 2011.
Presently, Azerbaijan holds BB + ratings from Fitch Ratings and Standard & Poors and Ba1 from Moody’s.*
Increase of the rating forecast is explained by strengthening of Azerbaijan’s foreign and fiscal balance in the conditions of double surplus (both under the budget and under the current account). This progress is likely to increase the country’s investment rating to BBB- in a very short time.
Amid the financial and economic crisis, which emerged in the second half of 2008, Standard & Poors upgraded the sovereign rating projection for the first time, and Azerbaijan is the country whose rating has increased.
Standard & Poors explains the decision with the growth in assets of the public sector and improvement of the international investment situation, as well as low state debt.
Despite the global recession, Standard & Poors forecasts economic growth in Azerbaijan at the level of 10% in 2009 and 7% in 2011.
Presently, Azerbaijan holds BB + ratings from Fitch Ratings and Standard & Poors and Ba1 from Moody’s.*
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