Fitch affirms Azerbaijan’s SOCAR at 'BBB-'

April 17, 2014

Fitch Ratings has affirmed SOCAR's (State Oil Company of Azerbaijan Republic) long-term issuer default rating (IDR) at 'BBB-', short-term IDR at 'F3' and senior unsecured rating at 'BBB-', Trend reported on April 16. The outlook on the long-term IDR is Stable, according to a message from Fitch.

"The ratings of SOCAR, a wholly state-owned national oil company of Azerbaijan (BBB-/Stable), are aligned with the sovereign's. SOCAR is a mid-size integrated oil company with 2013 hydrocarbon production of 255,000 barrels of oil equivalent per day (mboepd) and a number of assets in midstream, downstream, chemicals and retail," Fitch said.

Copyright: Trend, 2014