Moody’s Investors Service on Thursday upgraded Azerbaijan’s foreign- and local-currency government issuer ratings by one notch to Baa3 from Ba1, Reuters reported.
The rating outlook is said to be stable now.
The main drivers of this rating action were: (i) the ongoing strengthening in the government’s finances, as reflected in the rapid accumulation of foreign assets by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA); and (ii) the strong performance of Azerbaijan’s non-oil sector in recent years as a result of government investment activities and efforts to improve the business environment and diversify the economy away from the oil sector.
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