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-
Economics
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The Central Bank of the Republic of Azerbaijan aims to enact green bond legislation by year-end, Chairman Taleh Kazimov announced on Thursday during a roundtable discussion at Baku Climate Action Week focused on personal finance.
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Azerbaijani President Ilham Aliyev inaugurated several new enterprises and toured ongoing construction projects in the Zangilan district on Thursday, marking significant strides in the region’s post-occupation recovery.
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Azerbaijani President Ilham Aliyev on Thursday inaugurated several new enterprises and inspected ongoing construction projects in the Jabrayil district, recently liberated from occupation.
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President of Azerbaijan Ilham Aliyev has signed a decree approving a revised structure for auxiliary structural units within the country's state bodies, aiming to enhance administrative efficiency and optimize governmental functions.
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