BAKU, Azerbaijan, Apr. 8
Trend:
The rating of the State Oil Company of Azerbaijan (SOCAR) on corporate, default and unsecured bonds has been confirmed at 'Ba2', Trend reports citing the Moody's international rating agency.
Accordingly, the forecast for the SOCAR bonds was changed from 'stable' to 'positive'.
The agency's statement noted that the rating action reflects SOCAR's strong credit ties with the state and its exposure to the impact of Azerbaijan's operating and macroeconomic environment.
The rating action was followed by a similar move for Azerbaijan, during which Moody's changed the country's rating outlook from stable to positive.
As a result, the agency expects the operating and macroeconomic environment for SOCAR to gradually improve, supporting its credit profile.
Earlier, Moody`s confirmed the long-term rating of the issuer and the rating of the priority unsecured obligations of Azerbaijan at the level ‘Ва2’.