Fitch Ratings has affirmed Azerbaijan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook, APA-Economics reports citing the Agency.
"The rating is supported by Azerbaijan's very strong external balance sheet, low public debt and strong financing flexibility from large sovereign wealth fund assets. Set against these factors are weak governance indicators and lack of predictability and transparency of economic policy-making, especially in relation to the exchange rate regime, high banking sector dollarisation and dependence on the hydrocarbon sector.
The Stable Outlook reflects expectations for continued balance sheet strength and reduced risk of a return to war with Armenia, but limited prospects of a significant strengthening of the macro-policy framework or implementation of structural reforms to speed up non-oil diversification," the Agency said.
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