The Ministry of Finance of the Republic of Azerbaijan appreciates Fitch Ratings, the international credit rating agency, for its decision on July 26 to raise Azerbaijan's long-term foreign currency rating by one notch to BBB-, thereby upgrading it to an investment-grade rating, Paralel.Az reports citing Ministry of Finance.

"Returning our sovereign rating to investment grade again after 8 years, and setting the rating forecast as "Stable" is undoubtedly the result of macroeconomic and monetary policy, institutional reforms, improvement of the investment environment, the reduction of public debt, especially foreign debt, implemented by the government of Azerbaijan under the leadership of President Ilham Aliyev. the low level of public debt and other consistent and multifaceted reforms are a manifestation of international evaluation.

As it is known, in previous evaluations, the Ministry of Finance condemned the international credit rating agencies for showing greed in the issue of our country's ratings. It is gratifying that Fitch Ratings first expressed the real economic situation and investors' attitudes to Azerbaijan's credit risk in an objective and adequate manner and made a decision to raise the international credit rating of our country to the investment level again.

We hope that other international credit rating agencies will take a similar position and approve Azerbaijan's credit rating at the investment level," said the Ministry.

See the report of the Fitch Ratings agency at the following link: https://www.fitchratings.com/search/?filter.sector=&filter.language=English&filter.region=&filter.country=&filter.country=Azerbaijan&filter.reportType=Rating%20Action%20Commentary&filter.topic=