Standard & Poor's affirmed BBB-/A-3 ratings of Azerbaijan, outlook is stable

Standard & Poor's Ratings Services today affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Azerbaijan. The outlook is stable.

The transfer and convertibility assessment remains at 'BBB-'.

"The affirmation reflects our view of Azerbaijan's stable public sector net asset and strengthening external creditor positions, which have helped maintain substantial fiscal and external buffers. In this regard, we also consider general government debt as limited despite an upcoming budget deficit", report says.