S&P approves Azerbaijan’s ratings at BB+/B level
The S&P Global Ratings international rating agency affirmed at BB+/B level the long-term and short-term sovereign credit ratings of Azerbaijan’s in local and foreign currencies, while the outlook for the rating was maintained as stable.
According to S&P, large liquid government assets, projected at an average of about 85% of GDP in 2020-2023, will continue to provide a buffer against external shocks.
Despite the sharp decline in economic activity associated with the COVID-19, the economic growth will resume from next year.
The agency noted that Azerbaijan’s financial and foreign positions evaluated in the BB category remain among the strongest countries.