Gross domestic product (GDP) grew 4.8 percent in January-September this year from a year earlier mainly backed by the growth in the non-oil sector.

The global economy is projected to grow 5.9 percent in 2021 and 4.9 percent in 2022, 0.1 percentage point lower for 2021 than in July 2021.

Anglo Asian produces gold at Gedabek and other mines in Azerbaijan in a joint venture with the state in which the London-listed company holds a 51-percent stake.

In 2021, up to 8 bcm of gas will be exported to the European markets from the project's second stage, while around 9 bcm will be delivered to Turkey from both stages.

The upgrade reflects Fitch's expectations of strong progress on de-leveraging with around $200-$300 million debt repayment in 2021.