BAKU, Azerbaijan, August 13. Fitch Ratings upgraded Azerbaijani Southern Gas Corridor CJSC's (SGC) senior unsecured Eurobond's long-term foreign-currency rating to 'BBB-' from 'BB+', TurkicWorld reports.
According to Fitch, the rating of SGC's $2 billion Eurobonds maturing in 2026 reflects the unconditional, subordinated, and irrevocable guarantee of full and timely repayment provided to SGC's noteholders by the state.
As a result, Fitch views the notes' rating as equalized with Azerbaijan's Long-Term Foreign-Currency IDR (Issuer Default Rating).
Fitch also pointed out that an increase in Azerbaijan's sovereign rating will lead to an increase in the rating of SGC notes.
Southern Gas Corridor CJSC was established in 2014. Its 51 percent belongs to the Ministry of Economy of Azerbaijan, and 49 percent by the country's State Oil Company (SOCAR).
