The Central Asian country is making efforts to improve its investment climate after more than two decades of economic isolation. The closed, autarkic system viewed most foreign investments as a threat. That ended when Islam Karimov, who had led Uzbekistan since before the Soviet breakup, died in 2016.

“The affirmation reflects our expectation that GOGC will be able to deleverage to within our rating sensitivities from 2022 on improved EBITDA from the electricity generation segment, following an expected leverage spike in 2021," Fitch said in a statement.

A BP-led consortium produces oil at Azerbaijan’s giant off-shore Azeri-Chirag-Guneshli (ACG) oilfields, which account for most of Azerbaijan's oil production.