Finance

Finance

Standard & Poorâ€™s increases credit rating of Azerbaijan

23 December 2011 12:57 (UTC +04:00)

The Finance Ministry says the risen rating reflects the growth of countryâ€™s oil revenues and their effective management in order to create internal and external net creditor position.

Along with this, the Agency emphasizes a strong fiscal policy of Azerbaijan: â€œThe significance of the event lies in the fact that in the current global financial crisis, Standard & Poorâ€™s has recently announced the probability of a decline in the near future ratings of 15 major states of Europe, including Germany and France. In this complex situation appreciation process in Azerbaijan by an independent international company is an indicator of confidence in the international financial community, the favorable conditions for issuance of securities by the Government of Azerbaijan and the countryâ€™s largest companies to borrow in global financial markets, and creates good conditions for the easy way out of Azerbaijan on the international capital marketâ€.

Note that, the first investment rating assigned to Azerbaijan by Fitch rating agency in May, 2010.