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

The circulation period of the securities will be three years, the yield is 5 percent per annum, the first tranche is divided into 25,000 bonds with a par value of $1,000 per security.

Earlier this year, the international rating agency Fitch Ratings forecasted Azerbaijan's real GDP to recover to 2.5 percent in 2021 and 2.8 percent in 2022.

The new contract stipulates more flexible commercial conditions - actual spot prices for “blue fuel”, while in the previous long-term contract the gas price was tied to the “oil basket."