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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Azerbaijan's Economy Minister Mikayil Jabbarov held discussions with Jérôme Beaumont, Executive Secretary of the Egmont Group, a financial intelligence organization, during the COP29 conference.
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November 16 (Reuters) - Azerbaijan’s Minister of Economy, Mikayil Jabbarov, met with Marco Arcelli, CEO of Saudi Arabia’s ACWA Power, during the COP29 climate summit to review the progress of joint projects in renewable energy.
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Azerbaijan's Minister of Economy, Mikayil Jabbarov, held talks with Heather Evans, Deputy Assistant Secretary for Manufacturing at the U.S. International Trade Administration, focusing on bolstering bilateral ties in energy, trade, and green development.
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The process of securing financing for the construction of the Bilasuvar solar power plant with a capacity of 445 MW and the Neftchala solar power plant with a capacity of 315 MW has been successfully completed.
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