Fitch affirms Azerbaijan

Fitch Ratings said it affirmed the Republic of Azerbaijan's long-term foreign and local currency issuer default ratings at BB+ with stable outlooks.

The agency said it has also affirmed Azerbaijan's country ceiling at BB+ and short-term foreign currency issuer default rating at B.

"Azerbaijan's sovereign rating is underpinned by its large hydrocarbon endowment and the oil windfall of recent years, which has enabled the sovereign to build up a strong and liquid balance sheet that leaves it relatively well placed to navigate through the challenging global environment," said Andres Klaar, associate director at Fitch's sovereign team.

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