Fitch Ratings maintains Azerbaijan's credit rating at "BBB-" due to its strong financial reserves.

Fitch Ratings has confirmed Azerbaijan's long-term foreign currency issuer default rating at "BBB-" with a stable outlook. This rating is backed by the country's strong external balance, low public debt, and financial flexibility from the Azerbaijan State Oil Fund (SOFAZ). The sovereign foreign currency assets are expected to reach $76 billion in 2024, equal to 102% of GDP, with 83% in SOFAZ and the rest in the Central Bank's reserves.

2 months ago
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