Azerbaijan to discontinue paid services from S&P, will continue cooperation with Fitch and Moody's which upgraded its ratings to investment grade

BAKU. Dec 8 (Interfax) - The Azerbaijani Finance Ministry is changing the principles of its cooperation with the international rating agency S&P Global Ratings, planning to discontinue a paid contract and switch to an unsolicited rating model (outside of contractual obligations).

Azerbaijan has been cooperating with international rating agencies since 2000, the Finance Ministry said in a statement. In these years, work was conducted with three leading agencies - Fitch, S&P Global Ratings and Moody's, both on a contractual basis and in the format of independent assessment. At the same time, assessment by two of the three leading rating agencies is a widely applied international practice.

"Over the past five years, Azerbaijan's sovereign credit rating has been assessed by two agencies-Fitch and S&P-on a paid basis under a formal agreement, and by one agency-Moody's-on a non-contractual basis, meaning no payments by Azerbaijan," the ministry said.

Steady growth and fundamental positive trends in Azerbaijan's economy have led to an improvement in the country's sovereign ratings, the ministry said. In particular, in 2024 Fitch, and in 2025 Moody's upgraded Azerbaijan's rating to investment grade - to "BBB-" and "Baa3", respectively. Both agencies noted Azerbaijan's strong fiscal indicators, its position on the international stage, significant growth in foreign exchange reserves, low public debt and positive budget figures, which make the economy resilient to external shocks.

In accordance with international practice, Azerbaijan will henceforth cooperate on a paid basis only with two agencies - this time with Fitch and Moody's, while interaction with S&P will continue outside of contractual obligations, the ministry said.