The Ministry of Finance told APA-Economics that this is due to the fall of oil price and its impact on Azerbaijan’s economic growth and macroeconomic stability.
The ministry also noted the existence of some imprecision in Standard & Poor’s ranking reports, expressing disagreement with the results.
Nevertheless, the ministry said it hopes that Standard & Poor’s, after having immediately lowered the country’s credit ranking in the wake of the drop in the prices of oil and oil products, will have restored Azerbaijan’s investment-level ranking by displaying similar promptness in case of increase in raw product prices.