20.04.2012 - Moody's upgrades Azerbaijan to investment grade
Moody's Investors Service raised Azerbaijan's foreign sovereign credit rating by one notch to an investment grade Baa3 on T hursday, 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 SOFAZ, the country's sovereign wealth fund, and the reserves of the CBA, 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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