Fitch Ratings says Azerbaijan ranks first in South Caucasus
Fitch Ratings regularly conducts analysis on the current situation in the economies of countries, Report informs citing the Financial Markets Supervisory Authority (FIMSA).
According to FIMSA, in the report which analyzed 22 countries in East Europe and post-Soviet space for the third quarter of 2019, Azerbaijan’s position is positive and its rating was approved with a Stable outlook. This is the highest rating among the South Caucasus countries.
According to the agency, Azerbaijan’s high rating is basically characterized by keeping foreign balance in international economic and trade relations and low-level public debt. Positive trends towards reduction of borrowing in consumption, bringing of social issues to the forefront, settlement of financial and tax relations led to the keeping of the inflation under control, reduction in dollarization level, as well as created condition for the country to have quick response to external economic shocks and possible crisis in global arena. At the same time, normalization of the banking sector, actions are taken to solve the troubled loans caused restructuring of the sector, increase of capitalization and crediting.
Moreover, Fitch Ratings particularly noted a favorable business environment for economic diversification and elimination of dependence on the oil sector.
News.Az
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