Fitch Ratings has affirmed Azerbaijan's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB-' with a Stable Outlook, the international rating agency said.

The issue ratings on Azerbaijan's senior unsecured foreign currency bonds have also been affirmed at 'BBB-'. The Country Ceiling has been affirmed at 'BBB-' and the Short-term foreign currency IDR at 'F3'.

"The affirmation reflects our expectation that the authorities are committed to making the adjustments to capital spending and tax revenue that will ensure the preservation of these buffers," the agency said.