Standard & Poor's Ratings Services upgraded Azerbaijan's sovereign credit ratings to investment grade on expectations the nation's public-sector-asset and international-investment positions have grown enough to provide a buffer against any potential oil price declines that exceed expectations, The Wall Street Journal reports.
S&P raised Azerbaijan's ratings one notche to triple-B minus, with a stable outlook.
Azerbaijan's lawmakers recently approved a 2012 budget that forecasts steady economic growth for the energy-rich ex-Soviet state and boosts defence spending amid its military stand-off with Armenia.
The credit-ratings firm said a further upgrade is possible if the business environment improves substantially, structural reform and economic diversification efforts accelerate, or monetary policy and the banking system strengthen.
S&P raises Azerbaijan's credit ratings
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