2024-08-02 12:52:46
The Ministry of Finance of the Republic of Azerbaijan highly appreciates the decision of the international credit rating agency Fitch Ratings dated July 26 to raise the long-term rating of Azerbaijan in foreign currency by one notch to BBB-, that is, to investment grade.
As Day.Az was informed by the Ministry, the return of Azerbaijan’s sovereign rating to the investment level after 8 years and the setting of the rating forecast to “stable” is undoubtedly a manifestation of macroeconomic and monetary policy, institutional reforms implemented by the government of Azerbaijan under the leadership of President Ilham Aliyev, improvement of the investment environment, reduction of public debt, in particular the low level of public debt and other consistent and multifaceted reforms in the international arena.
“In previous assessments, the Ministry of Finance condemned international rating agencies for their greed in assigning a rating to our country. It is gratifying that Fitch Ratings for the first time objectively and adequately expressed the real economic situation and investors’ attitude to Azerbaijan’s credit risk and decided to once again raise our country’s international credit rating to investment level.
We hope that other international credit rating agencies will take a similar position and approve Azerbaijan’s credit rating at investment level,” the ministry said.
The Fitch Ratings report can be found at the link.