BAKU, Azerbaijan, December 8. Azerbaijan will maintain its collaboration with major international credit rating agencies, including Fitch Ratings and Moody’s Ratings, to facilitate access to global capital markets, streamline borrowing procedures, and strengthen international confidence in the country, Trend reports via the Ministry of Finance.
According to the ministry, Azerbaijan has been cooperating with international credit rating agencies since 2000. During this period, the country’s sovereign credit rating has been assessed both through official agreements and on an unsolicited basis by leading agencies, including Fitch, S&P Global Ratings, and Moody’s.
In international practice, having two of the three leading global rating agencies assess a country’s credit rating is a widely recognized institutional standard. Drawing on this experience, Azerbaijan has conducted evaluations of its sovereign credit rating over the past 5 years through two agencies, Fitch and S&P Global Ratings, on a paid basis under official contracts, while Moody’s Ratings assessed the country without any contractual obligations, meaning no payment was made by Azerbaijan.
During this period, fueled by strong and sustainable positive trends in the Azerbaijani economy, the country’s credit rating improved significantly. Fitch Ratings upgraded the sovereign rating in 2024, followed by Moody’s Ratings in 2025, raising it to investment grade. The agencies set the forecast for the next period as “stable” and “positive” for the sovereign rating levels of “BBB-” and “Baa3,” respectively. Both agencies highlighted Azerbaijan’s solid fiscal and external position, a substantial rise in foreign currency assets, low public debt, and positive budget indicators, all of which reinforce the economy’s resilience to external shocks.
Leveraging this global engagement, Azerbaijan intends to
perpetuate its institutional collaboration with Fitch Ratings and
Moody’s Ratings through a remunerated framework established under
formal accords. Concurrently, collaboration with S&P Global
Ratings will extend beyond mere contractual stipulations, as
assessments from dual agencies are adequate for facilitating entry
into global capital markets and optimizing borrowing protocols.
The Ministry of Finance underscored its commitment to ongoing
collaboration with premier international rating agencies in the
forthcoming years to evaluate Azerbaijan’s sovereign credit rating,
ensuring that the nation’s persistent growth trajectory and
economic underpinnings are precisely encapsulated in these
assessments.
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