“Fitch Ratings” international agency has confirmed the long-term issuer default rating (EDR) of Azerbaijan in foreign currency at the level of “BB+” with a positive forecast. SIA reports with reference to the agency’s website that the rating is supported by Azerbaijan’s very strong foreign balance, the lowest public debt in the relevant group of countries, and the flexibility of financing from sovereign fund assets.
It is reported that Azerbaijan’s strategic currency reserves have increased by 5.9 billion US dollars and reached 58 billion dollars in 2022. Fitch forecasts that Azerbaijan’s net position on sovereign assets will increase by 10.9 percentage points to 68.7 percent of GDP in 2023-2024, which is the highest indicator in the rating group.
