On June 10, "S&P" conducted a traditional assessment of Azerbaijan's sovereign credit rating and released its corresponding report. The agency approved Azerbaijan's long-term foreign and national currency sovereign credit rating at 'BB+/B.' It raised the rating forecast from negative to stable. The increase in foreign exchange reserves, the forecast that the budget will be implemented with a surplus for the first time since 2014 and the expected increase in the country's economic development indicators were cited as the main reasons for improving the forecast for the rating. Thus, starting from 2018, the agency predicted that the country's economy would grow on average over the next four years. It predicts growth of 3.3%.

On June 13, the Ministry of Finance stated that they were very surprised that the forecast indicator for the country's rating was not changed from "stable" to "positive" in the report published by the international credit rating agency.

"The report noted that several positive achievements were achieved during the determination of the country's credit rating. As one of these achievements, despite the partial decrease in oil production, it was shown that oil and gas prices would support the positive level of Azerbaijan's fiscal and payment balance in the coming years," it said.

"At the same time, the report shows that the foreign currency reserves of the State Oil Fund have increased, as well as the ratio of our country's foreign public debt to GDP, which is low compared to countries with the same sovereign rating, will further decrease in the medium-term perspective, and Azerbaijan's high foreign currency reserve position is the main supporter for the sovereign rating. The report also stated that Azerbaijan's non-oil sector will grow by 9% in 2022, and this growth will continue in the coming years. In addition to the above, the report emphasized that the long-term conflict between Azerbaijan and Armenia ended in 2020 and that the parties are approaching the conclusion of a peace agreement as a result of our country's efforts," the ministry said in a statement.