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International credit rating agency Fitch Ratings has upgraded Azerbaijan's long-term foreign currency-denominated credit rating from "BB+" to "BBB-". The agency also maintained a 'stable' outlook for the country's economy.
The rating upgrade reflects the country's strong external balance sheet, ongoing current account and fiscal surpluses, reduced foreign exchange vulnerability, low public debt and improving monetary policy.
Annual inflation in the country remained below the central bank's 4% target in the first half of this year, the statement said. Inflation is expected to average 3.5% this year.
It was also stated that economic growth is expected to recover to 3.2% with a slower decline in oil production and the positive effects of the reconstruction of Karabakh, and growth is expected to slow down to 2.7% in 2025 and 2.3% in 2026.
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