(MENAFN- AzerNews) Fitch Ratings has affirmed Azerbaijan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a
Positive Outlook.
The rating is supported by Azerbaijan's very strong external
balance sheet, the lowest public debt in its peer group, and
financing flexibility from large sovereign wealth fund assets.
Sovereign foreign-currency assets grew by USD5.9 billion in 2022
to USD58.0 billion, 85% of which is held by the sovereign oil fund
(SOFAZ) where higher energy revenues more than offset a 5.2% loss
on its investment portfolio. Fitch projects Azerbaijan's net
sovereign creditor asset position grows 10.9pp in 2023-2024 to
68.7% of GDP, comfortably the highest in the rating peer group.
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