S&P Global Ratings has upgraded the long-term issuer credit rating and senior unsecured debt rating of the State Oil Company of Azerbaijan (SOCAR) from “BB-” to “BB.”

S&P Global unexpectedly downgraded France’s credit rating, citing political instability as a threat to the government's efforts to stabilize its finances. The downgrade affects the euro zone’s second-largest economy.

S&P Global Ratings has significantly revised its economic growth outlook for Azerbaijan, raising the country's GDP growth forecast for 2024-2027.