Fitch Ratings is cautiously optimistic about the creditworthiness of the South Caucasus states of Azerbaijan, Armenia and Georgia. But in a recent call with reporters to discuss the regional outlook, Fitch analysts acknowledged that geopolitics is a wildcard when it comes to predicting the region’s financial future. According to Fitch, the three countries are not in danger of defaulting on their obligations, but neither are they seen as particularly safe investment opportunities. Azerbaijan enjoys the highest Fitch rating among the three South Caucasus states with a BB+/positive outlook, just …