Fitch approves Azerbaijan's investment rating at BBB-

International rating agency Fitch Ratings has affirmed the long term investment rating of Azerbaijan in local and foreign currency at "BBB-", Azerbaijani Finance Ministry said on Friday.

"Maintaining Azerbaijan's rating at the investment level reflects a significant strengthening of the country's economic power, its dynamic socio-economic development and improving population's wellbeing," the Finance Ministry said with reference to the agency.

According to the report, oil revenues, as well as cautious and thought out budgetary policy have significantly improved the financial situation of the country and allowed it to create substantial foreign exchange reserves to keep inflation at a controllable level.

'The dynamic development in the non-oil sector of the country formed the basis for the formation of a competitive national economy, reducing poverty and addressing many issuesrelated to human capital', the report said.

The Agency specially noted that Azerbaijan has become an integral part of the world economy and the country is resistant to any geopolitical risks.


/Trend/