SOCAR prepares for getting Standard & Poor’s rating

Oil&Gas Materials 2 June 2010 17:45 (UTC +04:00)

Azerbaijan, Baku, June 2 / Trend E. Ismayilov /

SOCAR is planning to get a rating from international rating company Standard & Poor's by late 2010, SOCAR deputy president for economic affairs Suleyman Gasimov said.

"We have signed a contract with Standart & Poor's. We want them to give us the rating equal to the country, as well as the state (Azerbaijan). We have agreed with them that it would be nice if they give it to us by late 2010. Now, our plan is to obtain a rating by late 2010", Gasimov said.

Earlier SOCAR got ratings from Moody's and Fitch companies.

Gasimov said that SOCAR still wants the issue of Eurobonds. The first actions were made. The company has audited statements. The ratings were also received from Moody's and Fitch companies.

City Bank acts as SOCAR's consultant on the issue of Eurobonds. The bank is instructed to hold regular consultations in connection with the preparation of this issue. Markets for placing Eurobonds have not been determined yet. There can be both Asian and European markets.