Moody's: Azerbaijan view stable

Moody's Investors Service said it changed the outlook on Azerbaijan's main sovereign credit ratings to stable from positive. The outlook change applies to the government's Ba1 local- and foreign-currency government bond ratings, the Baa2 foreign-currency ceiling for bonds and the Ba2 ceiling for bank deposits. The existing A3 local-currency ceilings for bonds and Baa1 local-currency ceiling for bank deposits were affirmed with a stable outlook.

Low GDP per capita and relatively weak institutional strength are important factors that argue against promotion of Azerbaijan to investment-grade status, Moody's said.

The unresolved geopolitical dispute in Nagorno-Karabakh is another rating constraint, the agency said.

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