Fitch Affirms Azerbaijan's Mortgage and Credit Guarantee Fund at 'BB+'; Outlook Stable

Fitch Ratings has affirmed Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The Outlooks are Stable. 

The affirmation reflects Fitch's unchanged view on the fund's strong link with the Republic of Azerbaijan (BB+/Stable) and the fund's strategic importance in the provision of affordable housing and development of the business environment by facilitating financing to small and medium enterprises (SMEs). Under its Government-Related Entities (GRE) Criteria, Fitch applies a top-down approach and views the government's ability and willingness to provide support to the fund as very high.

Although the fund is a non-commercial and not-for-profit organisation, it continues to demonstrate profitability, supported by low-cost funding. 

https://www.fitchratings.com/research/international-public-finance/fitch-affirms-azerbaijan-mortgage-credit-guarantee-fund-at-bb-outlook-stable-25-11-2021