S&P confirms long-term credit rating of SOCAR at the level of BB+

Standard&Poor’s has confirmed long-term credit rating of SOCAR at the level of BB +, the agency reports.

The rating outlook was changed from "stable" to "negative".

The press release notes that the rating actions on SOCAR were made after the revision of the forecast on sovereign ratings of Azerbaijan and reflect the agency's opinion about SOCAR as an organization, affiliated with the government, resulting in a high probability of a downgrade of the company’s rating in the case of sovereign rating downgrade.

"SOCAR’s rating reflects our view of an" extremely high" likelihood of extraordinary support of the company from its owner (the government of Azerbaijan). We estimate the standalone credit of SOCAR at the level of BB, - the statement says.

The Agency estimates the role of SOCAR in Azerbaijan's economy as "critically important".

"The company plays a key role in important strategic sector of the Azerbaijani economy - oil and gas, acts as a major employer and taxpayer, performs an important social function and holds a monopoly position in the refining and petrochemical segments.

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