OREANDA-NEWS. April 21, 2009. Standard & Poor’s International Rating Agency held in Baku presentation of Azerbaijan banking analytic assessment under support of the International Bank of Azerbaijan (IBA) and the workshop on own liquidity management within the global economic downturn conditions, reported the press-centre of IBA.

As a result of discussions with local participants, S&P representatives indicated that within the global economic downturn conditions the issue of sovereign and quasi-sovereign bonds makes a sense (taking into account successful results of Gazprom’s issue), if they are aimed at setting up a benchmark on some country’s borrowings. Azerbaijan willing to enter the global market with sovereign bonds follows the end of setting up a benchmark.

It was also mentioned a success of the issue of corporate securities under full or fractional state warranty. Truthfully, in this case there are some apprehensions appearing concerning the country’s possibility to manage such liabilities against the background of reducing state budget incomes because of the global crisis.

According to S&P assessment, the country was related to the ninth of possible ten categories of countries (the best indicator is the first category).

Azerbaijan was related to a group of countries that would support banks during the crisis period though that has not increased the country’s rates.

Azerbaijan’s rates were impacted by apprehensions S&P has about large recurrence influence linked with existing macroeconomic situation on the incomes, quality of assets, commercial growth and risk management. The assessments are made through “an economic cycle”. The cycle includes the period of economic growth and recession.