Baku, July 29, AZERTAC
International rating agency Standard & Poor's has conducted a traditional assessment of sovereign credit rating of Azerbaijan, press service of Azerbaijan's Ministry of Finance has told AZERTAC.
"The agency kept the long-term and short-term sovereign credit rating of Azerbaijan in national and foreign currency at 'BB+/B' level respectively, with negative outlook" the ministry said.
"According to the agency's report, the reason for keeping the rating unchanged is the country's strong fiscal position, particularly the availability of foreign currency reserves of the State Oil Fund of Azerbaijan (SOFAZ)."
"The agency believes that as a result of the elimination of pressures on the balance of payments, as well as the expected economic growth and the strengthening of stability in the domestic banking system may change the rating outlook from negative to positive," the ministry added.