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Moody's lifts Azerbaijan ratings
Moody's Investors Service said it upgraded the government of Azerbaijan's long-term issuer and senior unsecured debt ratings to Ba1 from Ba2 and changed the outlook to stable from positive. Additionally, Moody's boosted the foreign-currency senior unsecured rating of Southern Gas Corridor CJSC (SGC) to Ba1 from Ba2 and changed the outlook to stable from positive.
“The upgrade reflects improvements in policy effectiveness in recent years, which translate into improved fiscal management, and increased capacity to absorb future shocks. Despite the pandemic, fiscal metrics have remained strong and are improving quicker than expected, due to prudent fiscal management amidst an economic rebound and high hydrocarbon prices. Moody's expects the government's anti-inflation measures and the Central Bank of the Republic of Azerbaijan's (CBAR) proactive macroeconomic policy to contain inflation risks exacerbated by the Russia/Ukraine crisis,” the agency said in a press release.
The stable outlook balances Azerbaijan's sizeable assets that support fiscal strength and lessen risks to government liquidity and external vulnerability against limited prospects for economic diversification and governance weaknesses, Moody’s noted.
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