Fitch lifts Azerbaijan Mortgage Fund

Fitch Ratings said it upgraded Azerbaijan Mortgage Fund's long-term foreign- and local-currency ratings to BB+ from BB following the agency's upgrade of Azerbaijan's long-term foreign- and local-currency issuer default ratings to BBB- from BB+.

The outlook is stable.

The agency said the fund's ratings are notched down from Azerbaijan's ratings to reflect its status as a public-sector entity, sovereign control through the central bank and the important role of the fund in implementing the national government's housing finance policy. The notching further captures Fitch's view on the currently available support mechanisms for the entity from the government.

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