Fitch Ratings Confirms Azerbaijan's BBB- Rating With Stable Outlook
Date
1/18/2025 6:10:35 AM
(MENAFN- AzerNews)
International rating agency Fitch Ratings has confirmed
Azerbaijan's long-term foreign currency issuer default rating (IDR)
at“BBB-” with a stable outlook, Azernews
reports.
The report highlights that the country's rating reflects its
strong external balance, low public debt compared to peer
countries, and financial flexibility through the Azerbaijan State
Oil Fund (SOFAZ).
Fitch's assessment indicates that Azerbaijan's sovereign foreign
currency assets are projected to reach $76 billion in 2024,
equivalent to 102% of the expected GDP. Of this amount, 83% is held
in SOFAZ, while the remaining portion is accumulated in the
reserves of the Central Bank of Azerbaijan.
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