SOCAR announces date of Standard and Poor's rating

Oil&Gas Materials 13 July 2011 16:48 (UTC +04:00)

Azerbaijan, Baku, July 13 / Trend /

SOCAR expects to receive a rating from the international rating agency Standard and Poor's in September and October.

Previously, the company made a presentation to the agency's representatives.

The Fitch Ratings assigned a rating to SOCAR in 2009, Moody's assigned a rating in 2010.

Despite SOCAR is a 100-percent state-owned company, it operates as a commercial structure.

The Moody's international rating agency confirmed the State Oil Company of the Azerbaijan Republic's (SOCAR) corporate family rating and the probability of the "Ba1" default rating assigned in February 2010.

Fitch Ratings-London-18 May 2011: Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic's (SOCAR) Long-term foreign currency Issuer Default Rating (IDR) at 'BBB-' and Short-term foreign currency IDR at 'F3'. The Outlook for the Long-term IDR is Stable.

The company said that the presence of high ratings and the use of international financial standards allows companies to quickly attract the necessary credit. At present, the entire process of obtaining the loan takes about one month, SOCAR said.