Baku: The Ministry of Finance of Azerbaijan has clarified the issue regarding the withdrawal of the latest rating assessment by the international rating agency ‘S and P Global Ratings’ at the request of the Azerbaijani government.
According to Azeri-Press News Agency, the ministry emphasized that Azerbaijan has been collaborating with international credit rating agencies since 2000 to ease access to international capital markets, regulate borrowing procedures, and bolster the confidence of international financial institutions in Azerbaijan.
The ministry highlighted that cooperation has been conducted with three leading international rating agencies: ‘Fitch’, ‘S and P Global Ratings’, and ‘Moody’s’. These agencies have assessed Azerbaijan’s sovereign credit rating both on a paid basis under an official contract and without contractual obligations in the form of ‘unsolicited ratings’. It is common in international practice to have assessments from two out of these three leading agencies.
Over the past five years, Azerbaijan has assessed its sovereign credit rating through ‘Fitch’ and ‘S and P Global Ratings’ on a paid basis, while ‘Moody’s’ has provided an assessment without any payment. During this period, Azerbaijan’s credit rating has improved due to positive trends in its economy. In 2024, Fitch Ratings upgraded the country’s sovereign credit rating to investment grade, and in 2025, Moody’s Ratings followed suit. The ratings were raised to “BBB-” and “Baa3”, respectively, with stable and positive forecasts. The agencies highlighted Azerbaijan’s strong fiscal and external position, increased foreign currency assets, low public debt, and positive budget indicators as factors contributing to the economy’s resilience to external shocks.
The ministry plans to continue its cooperation with ‘Fitch Ratings’ and ‘Moody’s Ratings’ on a paid basis under official contracts, considering the success and effective collaboration achieved. The assessment from two agencies is deemed sufficient for international market access and borrowing procedures, so further cooperation with ‘S and P Global Ratings’ will proceed without contractual obligations.
The Ministry of Finance remains committed to working with leading international rating agencies in assessing the sovereign credit rating of Azerbaijan and aims to ensure that the fundamental and sustainable development of Azerbaijan is accurately reflected in these credit ratings.