Moody's took rating actions on five banks in Azerbaijan, affirming their short-term ratings and assessments.

Though officials cite their reasoning based on reducing greenhouse emissions - and Azerbaijan is a signatory to the Paris accords - a slow but gradual decline in oil and gas export revenues makes the transition a necessity.  

Georgia's opposition leader Nika Melia, whose arrest earlier this year plunged a country already crippled by the economic consequences of COVID-19 into a political crisis, will continue to await a final verdict in custody.

Fitch Ratings has affirmed Azerbaijan's State Oil Company (SOCAR) long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BB+', the outlook on the long-term IDR is "negative" and the recovery rating is 'RR4'.