“Standard and Poor’s” approves Azerbaijan’s international credit rating

The Standard & Poor's rating agency conducted a traditional assessment of sovereign credit rating of the Republic of Azerbaijan and released a report with this regard on July 28, 2017.
The agency kept Azerbaijan’s long-term and short-term sovereign loan rating in national and foreign currencies at 'BB+/B' level respectively with negative outlook.
The agency linked the reason why it kept the rating unchanged with the sound fiscal position of the country, in particular foreign currency reserves of the State Oil Fund of the Republic of Azerbaijan in its report.
The agency thinks the outlook may change to positive if pressures on the balance of payments are removed and expected economic growth and stability in the domestic banking system are enhanced.