Fitch Ratings forecasts no major escalation between Azerbaijan and Armenia

The international rating agency Fitch Ratings has said in its report that it does not expect a large-scale escalation of the conflict between Azerbaijan and Armenia.

However, experts believe that it will be difficult to reach a peace agreement, given Azerbaijan's demands for an extraterritorial corridor and amendments to the Armenian Constitution, Caliber.Az reports, citing the Fitch's report.

According to Fitch's baseline scenario, no serious escalation is expected, not even periodic exchanges of fire.

The report on Armenia also notes that despite the deterioration of political relations with Russia, economic ties between the countries remain strong and Armenia's energy dependence on Russia is "very high".

Earlier, the Azerbaijani Defence Ministry accused Armenia of preparing for a new war and called on it to stop provocations on the border.