Fitch revises Azerbaijan view to stable

Fitch Ratings said it revised the outlook on Azerbaijan to stable from negative and affirmed the BB+ issuer rating.

“The strength of the sovereign balance sheets has been preserved during the pandemic and is supported by upward revisions of Fitch's oil price forecasts in the past six months, further easing the risk of a disorderly macroeconomic adjustment. The risk of another Covid-19 wave or renewal of military conflict in Nagorno-Karabakh negatively impacting sovereign financial buffers has also receded since our previous review in November,” the agency said in a press release.

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