Baku:Azerbaijan's sovereign rating is supported by a robust balance-sheet position and low public debt, as highlighted during the 'Fitch in Azerbaijan' event held in Baku.

According to Azeri-Press news agency, Erich Arispe Morales, Senior Director and Head of Sovereign Ratings for Eastern Europe at Fitch Ratings, emphasized that the country's strong external finance position significantly contributes to its favorable ratings. The state's asset accumulation, both at the Central Bank of Azerbaijan and the State Oil Fund, has positively impacted external finance indicators, leading to a one-notch positive adjustment.

Morales also identified low public debt and financing flexibility as additional strengths in Azerbaijan's public finances. However, Fitch noted that Azerbaijan still faces certain structural constraints in its credit profile.