Fitch upgraded Azerbaijan’s sovereign credit rating to BBB- from BB+, raising the outlook to stable. This upgrade reflects the nation’s growing FX reserves, expected to reach USD 74 bln. Fitch highlighted Azerbaijan’s net sovereign asset position at 71% of projected GDP, the highest among BBB and A-rated sovereigns. The agency also anticipates the country maintaining a prudent fiscal policy, projecting a low debt-to-GDP ratio of 22.7% by 2026.