Baku. Elnur Huseynguluyev - APA-Economics. Fitch Ratings has upgraded the Azerbaijan Mortgage Fund’s (AMF) Long-term foreign and local currency ratings to ’BB+’ from ’BB’ respectively, following the agency’s recent sovereign upgrade.
The Outlooks are Stable. Azerbaijan’s Long-term foreign and local currency Issuer Default ratings (IDRs) were upgraded to ’BBB-’ from ’BB+’, with Stable Outlooks. AMF is a public-sector entity (PSE) controlled by the Central Bank of Azerbaijan.
AMF’s ratings are notched down from Azerbaijan’s Long-term local currency and foreign currency IDRs to reflect its PSE status, sovereign control through the central bank, and the important role of AMF in implementing the national government’s housing finance policy. The notching further captures Fitch’s view on the currently available support mechanisms for the entity from the government,
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