Azerbaijan's Ministry of Finance reported Tuesday the country has received a credit rating of BBB- with a negative outlook from Standard & Poor's (S&P).

This rating can be attributed to the country's low external debt and levels of assets. The ratings analysis also predicts that the Southern Gas Corridor Pipeline and development of the Shah Deniz will help the country's foreign exchange earnings grow as the nation awaits a stabilization in oil prices.

"Despite the sharp drop in oil prices on world markets, Azerbaijan will maintain its strong external position in subsequent years as well," representatives from S&P said. "Although the number of the current operations, most of which fall on the sale of hydrocarbons, is likely to reduce, (the number of current operations) will remain at a positive level in the end."

The negative outlook reflects uncertainty in oil prices. If they were to continue to fall sharply, Azerbaijan would likely see weakened assets.