Fitch upgraded Azerbaijan's long-term foreign-currency IDR to 'BBB-' from 'BB+' with a stable outlook.

Fitch Ratings upgraded Azerbaijan's long-term foreign-currency issuer default rating (IDR) to 'BBB-' from 'BB+', with a stable outlook. This upgrade reflects the country's robust external balance sheet, continued current account surpluses, low debt levels, and the Government's implementation of multifaceted reforms under President Ilham Aliyev's leadership. Azerbaijan's net sovereign asset position is projected to be the highest among 'BBB' and 'A' sovereigns.