S&P affirms Azerbaijan's ratings, withdraws them

S&P Global Ratings has revised its outlook on Azerbaijan to positive from stable, Report informs referring to the ratings agency.

"At the same time, we affirmed our 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Azerbaijan. We subsequently withdrew the ratings at the issuer's request," reads the message. "At the same time, Azerbaijan maintains one of the strongest sovereign balance sheets among its rated peers. Large assets managed by SOFAZ, a persistent net general government asset position, and low public debt provide significant shock-absorption capacity and help shield the economy from hydrocarbon price volatility. These buffers underpin macroeconomic stability even as growth remains modest due to maturing oil fields and plateauing gas production."