Fitch confirmed Azerbaijan’s rates at the level of BB+

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Fitch Agency reported that it retained the long-term default ratings of the issuer of Azerbaijan in national and foreign currencies at the level of BB+. Its ratings forecast stayed stable too. A low level of the state debt, strong dependence of the Azerbaijan’s economy on hydrocarbons and a weakness of the banking sector were mentioned among the risks. Non-performing loans in the banking sector were 12,7% while their share reduced only by 1% from the beginning of the year. The agency expects this year Azerbaijan economy will rise by 3,7% and next year its growth will slow down to 3,5%. The increase of gas production and slowdown in spending will become a support of a budget surplus as the experts expect.

 

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