| Moody's Investors Service raised Azerbaijan`s foreign sovereign credit rating by one notch to an investment grade Baa3 last week, citing a combination of rapid foreign reserve accumulation and improvement in the non-oil sector of its economy.
High oil prices have helped the government accumulate considerable foreign assets in both SOFAR, the country`s sovereign wealth fund, and the reserves of the CBA [Central Bank of Azerbaijan], which amounted to around USD40 billion at the end of 2011 [75 percent of GDP], Moody`s said in a statement...............................................Full Article: Source
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