Azerbaijan Credit Rating Cut to Junk by Fitch on Oil Rout Impact

  • Rating cut follows similar downgrades by S&P and Moody’s
  • There has been `significant deterioration' in fiscal position

Azerbaijan was cut to junk by Fitch Ratings, which followed downgrades by the other two main credit companies, as the former Soviet Union’s third-biggest oil exporter is expected to see its economy shrink for the first time in seven years amid a collapse in crude.

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