Fitch raises Azerbaijan's rating to BBB-

Fitch Ratings has upgraded Azerbaijan's long-term foreign currency Issuer Default Rating (IDR) from "BB+" to "BBB-" with a stable outlook, Report informs, citing the agency.

The rating is supported by Azerbaijan's strong external balance, low public debt and flexible financing through large assets of the sovereign wealth fund.

Annual inflation in the first half of 2024 remained below the Central Bank's target range of 4% and is expected to be 3.5% this year, increasing to 4.7% by 2026.

Economic growth is projected to increase to 3.2% in 2024, but slow down to 2.7% next year and 2.3% in 2026.