Fitch Downgrades Credit Rating of Azerbaijan to B +
After Standard and Poor's, Fitch Ratings also lowered the credit rating of Azerbaijan from BBB- to the "junk" level of BB+.
The Fitch Ratings press release states that the low oil prices have caused a significant deterioration in the financial position of Azerbaijan. Reduction of the country's rating from BBB- to the "junk" level of BB+ was due to the government's inability to balance the costs and revenues on the background of lower oil prices, which led to the unstable economic situation.
Fitch also expects that Azerbaijan's GDP will decline by 3.3% in 2016. -0-
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