Azerbaijan, Baku, Mar. 1 / Trend A.Akhundov /
The international rating agency Moody Investors Service has today assigned a provisional (P)Ba1 rating to the approximately $1.0 billion worth of notes to be issued by the State Oil Company of the Azerbaijan Republic (SOCAR). The outlook on the rating is stable. This is stated by the agency on its website today.
SOCAR will use the proceeds of the loans for general corporate purposes, including refinancing its existing indebtedness and funding its upstream and downstream operations.