Fitch: Azerbaijan stable

Fitch Ratings said it revised the outlooks on Azerbaijan's long-term foreign and local currency issuer default ratings to stable from positive and affirmed them at BBB-.

The agency said it also affirmed Azerbaijan's short-term foreign currency issuer default rating at F3 and its country ceiling at BBB-.

"The windfall character of Azerbaijan's oil income - especially by comparison with similarly rated oil producers - puts a premium on its ability to save a large share of oil revenue," said Charles Seville, director in Fitch's sovereign team, in a news release.

The agency said the revision of the outlook to stable better reflects Fitch's view on the likely direction of the rating.

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