Fitch Ratings has upgraded Azerbaijan Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan's (MCGF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+'. The Outlook is Stable, Report informs referring to Fitch.
Fitch views MCGF as a government-related entity (GRE) with strong links with Azerbaijan and an important policy role in the provision of affordable housing and development of the business environment through facilitating financing to small and medium enterprises.