Fitch affirms SOCAR at 'BBB-'; Outlook Stable

Photo: Fitch affirms SOCAR at 'BBB-'; Outlook Stable
 / Oil&Gas

Baku, Azerbaijan, April 16


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-'.

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.

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