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ERA affirms BB+ rating to Azerbaijan, outlook Stable
Friday, 12 April 2019

Affirmation of the unsolicited credit rating BB+ assigned to Azerbaijan stems from the ongoing process of economic stabilization based on reduced inflation, improvements in real growth, and relatively stable oil prices. The assessment is also supported by the presence of a sovereign fund with assets worth more than 80% of GDP. The assessment is constrained by the economy's high dependency on the oil sector, vulnerabilities in the banking system, and weak governance factors.

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ERA affirms AAA rating to Germany, outlook Stable
Friday, 12 April 2019

Affirmation of the unsolicited credit rating AAA assigned to Germany stems from a strong decline in public debt supported by a tight fiscal rule, relatively low private debt, high current account surpluses, and very strong governance indicators.

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ERA affirms A+ rating to Slovakia, outlook Stable
Friday, 05 April 2019

Affirmation of the unsolicited credit rating A+ assigned to Slovakia stems from strong economic growth, strict debt rule, and the European Central Banks's (ECB) conditional guarantee of government debt via the Outright Monetary Transactions program. The assessment is constrained by weaker governance indicators, moderate debt load, inadequate export diversification, and a build-up of imbalances in household balance sheets.

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