Fitch ups Azerbaijan to BB

Fitch Ratings said it upgraded Azerbaijan's long-term foreign currency and local currency ratings to BB from BB-. The short-term foreign currency rating is affirmed at B. Following the upgrade, the long-term outlook is stable.

Fitch said the upgrade reflects a combination of macroeconomic stability and low general government debt, together with the ongoing development of the important oil and gas sector.

The high oil prices of the past two years have been relatively well managed by the authorities, resulting in consolidated budget surpluses and an accumulation of foreign reserves and assets in the State Oil Fund of Azerbaijan, according to Fitch.

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