Moody’s Rates Azerbaijan Currency at Ba1
The international rating agency, Moody's Investors Service recently published an opinion on the credit rating of Azerbaijan, stating that the country's current long-term ratings in national and foreign currency are both at Ba1. Noting the country's large oil and gas reserves, the agency said that Azerbaijan's medium-term economic growth potential is strong although a lack of economic diversification could delay long-term growth if not addressed.
The agency said in a statement,- "Financial robustness is ranked high, with government debt ratios expected to remain low in the medium term. Azerbaijan runs a large current account surplus, which is estimated at 27.2% in 2011, slightly below its 2010 level of 29% as a result of a temporary disruption in oil production." Moody's points out that the outlook on the government's bond ratings is positive, which predicts further improvements in Azerbaijan's already strong government finances as well as the country's institutional capacity supporting the prudent management of its oil windfall.
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