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S&P Global Ratings downgraded the outlook on Azerbaijan's debt to negative, even while holding the credit rating stable at BB+ amid the rising risks from the [Nagorno-Karabakh] conflict ignited in September with neighboring Armenia, Barron's reported citing AFP.

"The military confrontation could exacerbate Azerbaijan's economic, external, and fiscal vulnerabilities at a time when the economy has been weakened by COVID-19 and the collapse in oil prices," S&P said in a statement.

The conflict will weigh on the nation's economy and finances as it "may take quite some time to resolve."

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