The key factors for affirming the Baa3 rating and maintaining the stable outlook first include “Azerbaijan`s fiscal resilience, supported by the State Oil Fund of the Republic of Azerbaijan`s (SOFAZ) large assets, at more than 60 percent of GDP, and Moody`s expectation that the country`s government debt-to-GDP ratio will stabilize in 2016 at below 25 percent,” said the message.
Second, the key factors include the country`s sizeable fiscal buffers and the employment of a more flexible exchange rate, which will allow Azerbaijan to mitigate the impact of lower oil prices on the economy.
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