The long-term credit rating of JSC Azerbaijan Railways, like other state monopolies, has been confirmed by Standard & Poor's at BB+.
According to the agency, the rating outlook changed to "negative" from "stable." According to experts, the rating has been updated after the fall of the sovereign rating of Azerbaijan, because such structures are fully funded by the government. The creditworthiness of the company itself is small, experts of Standard & Poor's say.
On the other hand, the company plays an important role for the government, implementing regional infrastructure projects.
S & P explains the change in outlook for "negative" with the fact that if Azerbaijan does not take preventive measures, the sharp fall in oil prices in the world could lead to a possible weakening of the current fiscal and external position of the country. The revision of the outlook on the company for "stable" is possible in case of change of the outlook on Azerbaijan's sovereign rating for "stable". --17D-
Economics
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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