BAKU, Azerbaijan, July 27. International authoritative rating agency Fitch Ratings estimates Azerbaijan's net external creditor position in 2024 at 154 percent of GDP - the strongest indicator among sovereign countries with 'BBB' rating, Trend reports via Fitch Ratings.
The agency's analysts also pointed out that Azerbaijan's current account surplus will also remain the highest in the 'BBB' category.
“Although Azerbaijan's current account surplus will decline from a projected 9.3 percent of GDP in 2024 to 6.4 percent in 2026, it will remain the highest in the 'BBB' category despite lower oil prices, supporting continued, albeit more moderate, asset accumulation," the report noted.
The rate of decline in oil production is offset by higher natural gas production.
According to Fitch, oil and gas revenues account for 89 percent of Azerbaijan's total exports.
Fitch Ratings on July 26 raised Azerbaijan's long-term foreign currency Issuer Default Rating (IDR) from 'BB+' to 'BBB-' with a stable outlook.
