12:36 - 6.09.2024

---

September 6, Fineko/abc.az. Of course, we want this and we can claim it, because in recent years, fundamental positive changes have been taking place in the economy of Azerbaijan, ABC.AZ reports, quoting Finance Minister Samir Sharifov.

When asked whether obtaining a credit rating from other rating agencies is also being considered after international agency Fitch Ratings upgraded Azerbaijan's credit rating to investment grade in July 2024, the minister replied that we can certainly apply for it.

"Of course, we want this and we can claim it, because in recent years, fundamental positive changes have been taking place in the economy of Azerbaijan. On the one hand, Azerbaijan's foreign exchange reserves are growing, on the other hand, debt obligations are decreasing. This leads to an increase in net financial assets, which is undoubtedly a very positive and reliable factor for any investor who wants to invest in securities of Azerbaijan, in its debt obligations.

I still think that the rating agencies are quite picky about Azerbaijan, in a sense, they are stingy. However, despite this, Fitch Ratings has raised the long-term default rating of the issuer of Azerbaijan in foreign currency by one notch to the investment level. I believe that Standard & Poors and Moody's will take similar steps.

Moody's change in the outlook on the ratings of the issuer and unsecured bonds of the Government of Azerbaijan in foreign currency from "Stable" to "Positive" gives hope that this will happen soon. That is, we are optimistic," Sharifov said.