BAKU, Azerbaijan, July 27. The Ministry of Finance of the Republic of Azerbaijan highly appreciates the decision by the international credit rating agency Fitch Ratings, dated July 26, to raise Azerbaijan's long-term foreign currency rating to BBB-, which is an investment grade,TurkicWorld reports, citing the ministry.
The return of Azerbaijan's sovereign rating to investment level after eight years, with a "stable" outlook, is undoubtedly a testament to the macroeconomic and monetary policies, institutional reforms, improved investment environment, and reduced public debt achieved by the government of Azerbaijan under the leadership of President Ilham Aliyev. These multifaceted reforms have been instrumental in enhancing Azerbaijan's standing in the international arena.
"In previous assessments, the Ministry of Finance criticized international rating agencies for their reluctance to assign a higher rating to our country. It is gratifying that, for the first time, Fitch Ratings has objectively and adequately reflected the real economic situation and investor sentiment regarding Azerbaijan's credit risk, leading to the upgrade of our international credit rating to investment level.
We hope that other international credit rating agencies will adopt a similar stance and recognize Azerbaijan’s credit rating as investment grade," the ministry stated.
You can read the Fitch Ratings report here.
