Fitch affirms MCGF's rating at "BB+"

Fitch Rating has revised Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan's Outlook to Stable from Negative while affirming the fund's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'.

The rating actions follow the revision of Azerbaijan's Outlook to Stable from Negative.

Fitch rates the fund using its Government-Related Entities (GRE) Criteria, applying a top-down approach, which results in the ratings being equalized with the sovereign. This is based on our assessment of the strength of linkage and incentive to support by the government, which reflects the strong ability and willingness of Azerbaijan to provide support to the fund.