Fitch affirms Azerbaijan's rating

Baku. 25 February. REPORT.AZ/ Fitch Ratings has affirmed Azerbaijan's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BB+' with Negative Outlooks.

Report informs citing the agency's press release.

Azerbaijan's 'BB+' ratings balance low government debt, stemming from high oil revenues, with a heavy dependence on hydrocarbons, a weak banking sector.

According to the press release, the negative outlook reflects continued risks and uncertainty around the macroeconomic and financial sector adjustment currently under way.