On June 9, 2023, "S&P Global Ratings" affirmed its 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Azerbaijan, APA reports citing "S&P Global Ratings".
"The stable outlook reflects our expectation that favorable hydrocarbon prices will support Azerbaijan's fiscal and balance-of-payments positions over the next year, despite a projected medium-term decline in oil production," it was said.