| The international ratings agency Moody's Investors Service has confirmed Azerbaijan's long-term issuer ratings and senior unsecured debt ratings at Ba1. Moody's also confirms that Azerbaijan's large stock of foreign currency assets held in the State Oil Fund (SOFAZ), the country's sovereign wealth fund, helps cushion the economy and government balance sheet, and gives Azerbaijan time to adjust to lower oil prices.
"The government retains sizeable fiscal buffers that could help it absorb shocks, specifically SOFAZ's significant foreign currency assets," said the report. SOFAZ's foreign currency assets remain very large, despite declining by 9.5 percent to $33.6 billion in 2015, Moody's said...............................................Full Article: Source
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