S&P upgrades credit rating of Azerbaijan's Business Development Fund

S&P Global Ratings upgraded the long-term credit rating of Azerbaijan’s Business Development Fund (ABDF) from "BB-" to "BB" with a stable outlook. As of mid-2025, ABDF’s total assets reached 1.42 billion manat (about $835 million). Problem loans dropped to 1.4 percent of the portfolio, down from 24 percent at the end of 2023.