Fitch rates Azerbaijan Eurobonds BBB-

Fitch Ratings said it assigned Azerbaijan's $1.25 billion 2024 Eurobonds a BBB- rating, in line with the sovereign's foreign currency long-term issuer default rating.

In line with Fitch's latest assessment of Azerbaijan's sovereign ratings, dated Oct. 17, Azerbaijan's BBB- issuer default rating reflects the following factors: Oil output is stabilizing after a 15% decline since the 2010 peak, improving the short-term outlook for growth and public finances; strong sovereign balance sheet, with sovereign assets held in the State Oil Fund of Azerbaijan reached 49% of GDP at end-2013; and the 2014 budget calls for a reduction in reliance on oil revenue in the form of transfers from State Oil Fund of Azerbaijan, among other rating drivers.

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