Fitch improves forecast of Azerbaijan's investment rating

Fitch Ratings has revised Azerbaijan's rating Outlook to Positive from Stable and affirmed its Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB-'. The agency has also affirmed Azerbaijan's Short-term foreign currency IDR at 'F3' and Country Ceiling at 'BBB-', the Azerbaijani Ministry of Finance said.

'BBB-' rating was assigned to Azerbaijan by the agency on May 20, 2010. "Generally prudent management of its energy revenue windfall is rapidly strengthening Azerbaijan's public and external finances, underpinning the sovereign rating," Fitch said.

The ministry thinks that confirmation of Azerbaijan's credit rating in the investment level indicated the credibility of the country from the international financial community, the availability of the necessary conditions for large Azerbaijani companies to issue securities to raise borrowing on international financial capital markets, as well as to simplify the conditions for Azerbaijan to enter the global capital markets.

First, the rating was assigned to Azerbaijan by Fitch Ratings in 2000. At present, the ratings have been assigned by Moody's Investors Service at the level of "Ba1" and Standard & Poors at 'BB +'.


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