Standard & Poors affirms Azerbaijan's credit rating

Baku. 29 July. REPORT.AZ/ “Standard & Poors” (S&P) affirmed Azerbaijan's long-term and short-term sovereign credit rating in foreign and national currency.

Report informs, the agency has kept the country's rating unchanged at BB+/B.

The rating overlook is again "negative".

The Ministry of Finance reports that main reason for keeping the rating stable is Azerbaijan's tight fiscal position, as well as especially existence of reserves of the State Oil Fund of Azerbaijan (SOFAZ) in foreign currency. The agency believes that if pressure on the balance of payments eliminates, economic growth observes in the country and situation in the banking system stabilizes, then the rating overlook may change from "negative" to "positive".