Baku - APA-Economics. Fitch Ratings has affirmed Azerbaijan's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BBB-', Reuters reported.
The Outlooks are Stable. The issue ratings on Azerbaijan's senior unsecured foreign and local currency bonds have also been affirmed at 'BBB-'. The Country Ceiling has been affirmed at 'BBB-' and the Short-term foreign currency IDR at 'F3'.
Fitch forecasts that GDP growth will slow to 3.3% in 2014 from 5.8% in 2013, and remain in the 3.5%-4.0% range in 2015-16.
The key risk to Azerbaijan's economy is a sudden and prolonged drop in oil prices. Indirect risks from the effect of sanctions of the Russian economy are contained, given the limited overall exposure to the Russian economy. However, the manat's effective exchange rate has appreciated in 2014 owing to the steep depreciation of the Russian rouble, and if carried forward, this could hamper efforts to develop the non-oil economy.
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