Moody's: Azerbaijan positive

Moody's Investors Service said it changed the outlook on Azerbaijan to positive from stable.

This rating action was taken as a result of significant improvements in the government's fiscal and external positions, reflected in the rapid accumulation of financial assets in the state oil fund and ongoing government efforts to invest in the non-oil sector, the agency said.

Moody's said Azerbaijan has a Ba1 government bond rating, Baa2 foreign-currency and A3 local-currency debt ceilings and Ba2/Baa1 foreign-currency and local-currency deposit ceilings.

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