The revision comes as tensions in the region and disruptions in key maritime routes, including the Strait of Hormuz, have prompted a broader reassessment of sovereign risk and non-payment exposure across multiple economies, News.Az reports, citing Allianz Trade.
According to the company, the current environment has led to more rating downgrades than upgrades globally. While several countries have seen their risk profiles worsen, Azerbaijan was among a small group of economies to receive an improved outlook, alongside Costa Rica and Kazakhstan.
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Analysts said the rating changes reflect both direct and indirect effects of rising energy prices, supply chain disruptions, and tighter global financial conditions. Countries with high dependence on imported energy, combined with fiscal and current account imbalances, were identified as particularly vulnerable to second-round economic pressures.
At the same time, Azerbaijan and Kazakhstan were noted as benefiting from stronger hydrocarbon demand and improved geopolitical positioning, which helped support their upgraded assessments.
In Azerbaijan’s case, analysts also pointed to reduced political risk following regional normalization efforts as an additional supporting factor behind the improved rating.
The report highlights growing divergence in global economic resilience, with energy-exporting countries in some cases gaining relative advantages amid ongoing instability in global trade routes and financial markets.
