Fitch ratings confirms Azerbaijan's "BBB-" rating withstable outlook

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.