Standard&Poors keeps Azerbaijan’s credit rating stable

Baku. 27 May. REPORT.AZ/ Standard&Poor’s rating agency didn’t change Azerbaijan’s long- and short-term foreign and local currency sovereign credit ratings within early assessment, keeping them at BB+/B respectively.

Report was informed in the press service of Ministry of Finance.

The reason of early assessment was announcement made by the International Bank of Azerbaijan (IBA) of its intention to undertake a debt restructuring, transferring part of them to sovereign liabilities of the state.

S&P says that as the possibility of rising rate of country’s foreign debt against GDP within restructuring of IBA’s foreign debts was incorporated by the agency in January, it didn’t affect sovereign credit rating of the country.

The S&P keeping the international rating of Azerbaijan unchanged proved ungrounded the news related to negative effect of IBA’s debt restructuring plan on country’s international rating, which could cause higher interest rates of foreign loans”, ministry stated.