Baku, Azerbaijan, Dec. 5
Moody's Investors Service ("Moody's") has affirmed Azerbaijan's Baa3 government bond and issuer ratings, the message of the agency said Dec.5.
The outlook remains stable, according to the message.
The key factors for affirming the Baa3 rating and maintaining the stable outlook first include “Azerbaijan's fiscal resilience, supported by the State Oil Fund of the Republic of Azerbaijan's (SOFAZ) large assets, at more than 60 percent of GDP, and Moody's expectation that the country's government debt-to-GDP ratio will stabilize in 2016 at below 25 percent,” said the message.
Second, the key factors include the country's sizeable fiscal buffers and the employment of a more flexible exchange rate, which will allow Azerbaijan to mitigate the impact of lower oil prices on the economy.
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