Baku. Yegana Lachinzade – APA-Economics. Moody's Investors Service has today downgraded Azerbaijan's government bond and issuer ratings to Ba1 from Baa3 and placed the ratings on review for further downgrade.
Moody's said the key drivers for the downgrade to Ba1 are the impact of the further fall in oil prices, likely sustained for several years, on Azerbaijan's economic strength and rapidly worsening medium term economic growth prospects; the related and rising pressures on Azerbaijan's financial system and balance of payments position, and the loss of confidence in the currency; the resulting deterioration of the fiscal position and government debt metrics.
Moody's also said that Azerbaijan's foreign-currency bond and deposit ceilings were lowered to Ba1/NP and Ba2/NP from Baa3/P-3 and Baa3/P-3, respectively. At the same
time, the local-currency bond and deposit country ceilings were lowered to Ba1 from Baa3.
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