S&P downgrades Azerbaijan`s rating from ‘Stable’ to ‘Negative’


October 26, Fineko/abc.az. International rating agency S&P Global Ratings has confirmed the long-term Issuer Default Ratings (IDRs) of Azerbaijan in foreign and local currencies at the level of BB+/B.

ABC.AZ reports with reference to S&P that the negative outlook reflects the growing risks to Azerbaijan's financial indicators, external balance and macro-financial stability against the background of the recent escalation of the Nagorno-Karabakh conflict.

"In addition, the forecast also reflects the possibility of the conflict's impact on Azerbaijan's economic growth prospects and undermining the confidence of foreign investors," S&P says.