Ministry Of Finance Highly Appreciates Decision Of Fitch Ratings Regarding Azerbaijan
Date
7/27/2024 2:18:32 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, July 27. The Ministry of
Finance of the Republic of Azerbaijan highly appreciates the
decision by the international credit rating agency Fitch Ratings,
dated July 26, to raise Azerbaijan's long-term foreign currency
rating to BBB-, which is an investment grade, Trend reports, citing the
ministry.
The return of Azerbaijan's sovereign rating to investment level
after eight years, with a "stable" outlook, is undoubtedly a
testament to the macroeconomic and monetary policies, institutional
reforms, improved investment environment, and reduced public debt
achieved by the government of Azerbaijan under the leadership of
President Ilham Aliyev. These multifaceted reforms have been
instrumental in enhancing Azerbaijan's standing in the
international arena.
"In previous assessments, the Ministry of Finance criticized
international rating agencies for their reluctance to assign a
higher rating to our country. It is gratifying that, for the first
time, Fitch Ratings has objectively and adequately reflected the
real economic situation and investor sentiment regarding
Azerbaijan's credit risk, leading to the upgrade of our
international credit rating to investment level.
We hope that other international credit rating agencies will
adopt a similar stance and recognize Azerbaijan's credit rating as
investment grade," the ministry stated.
You can read the Fitch Ratings report here .
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