Azerbaijan's ratings reflect the sovereign's low debt and large stock of net foreign assets, accumulated with the help of double-digit current account surpluses and high oil prices since 2006, according to the report.
“The affirmation reflects our expectation that the authorities are committed to making the adjustments to capital spending and tax revenue that will ensure the preservation of these buffers,” the agency said.
On the background of instability in the global economic environment and the sharp drop in commodity prices, including oil and oil products, the fact that Fitch Ratings’ once again affirmed Azerbaijan's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB-' with a Stable Outlook confirms the sustainability of the country’s economy.
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