A delegation of representatives of international agency Fitch Ratings will visit Baku in November 2006 to carry out review of economic situation in Azerbaijan with respect to issue sovereign rating for the country in 2006, Trend reports.
The Finances Ministry informed Trend that the Moscow Office of the agency sent issues of Fitch rating's interests for further issue of rating. They have been sent to relevant Ministries and departments to collect data. Azerbaijan is expected to be awarded an updated rating in the end of 2006.
In the beginning of the year, Fitch Ratings confirmed the sovereign ratings of Azerbaijan in the national and foreign currencies at the previous level of BB (like in 2004), with the stable forecast. At the same time, the agency confirmed the short-term rating to the country at the level of B, with the rating of the country ceiling - BB.
The appraisal of the country will be carried out on the basis of the agreement signed between Azerbaijan's Finance Ministry and Fitch Ratings considered for three years which was signed in July 2005. According to the agreement
being achieved, the rating agency will review Azerbaijan's economic situation to attach a sovereign rating to the country within 2005-2007. The Finance Ministry will annually envisage about в'¤ 40.000 in the State Budget aimed at Fitch Ratings` services.
Moody's Investors Service on September 14 assigned a foreign and local currency issue rating of "Ba1" to Azerbaijan since the country has little government debt.
The Government hopes that in the next tear (2007) the country will gain the investment rating from the both agencies.
