Fitch Ratings has upgraded Azerbaijan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB-' from 'BB+'.
The agency expects that Azerbaijan’s sovereign foreign currency assets will approach $74 billion (98% of projected GDP) in 2024, which is significantly above 55% in 2010.
“Azerbaijan's net sovereign asset position, projected at 71% of GDP in 2024 (50 percent of GDP in 2010) will remain the highest among 'BBB' and 'A' sovereigns," the agency's statement reads.
Azerbaijan's Ministry of Finance said it highly appreciates the agency's decision. The ministry noted that the return of Azerbaijan's sovereign rating to investment level after 8 years is achieved by the government of Azerbaijan under the leadership of President Ilham Aliyev.
