Fitch Ratings has assigned Southern Gas Corridor CJSC (SGC) a Long-Term Issuer Default Rating of 'BBB-' with a Stable Outlook, aligning it with Azerbaijan’s sovereign rating (BBB-/Stable), Trend reports citing Fitch.
Under Fitch’s Government-Related Entities criteria, SGC’s rating is equalized with the state due to full government guarantees on all its debt, a structure expected to persist.
The company’s Standalone Credit Profile of 'bbb-' reflects robust, predictable cash flows from long-term gas transportation contracts, large-scale operations, and a solid financial position. Constraints include upstream price volatility, natural depletion of the Shah Deniz field, and counterparty and operational risks in Azerbaijan, Georgia, and Türkiye.
As of end-August 2025, 100% of SGC’s debt carried state guarantees, a feature Fitch anticipates will continue.
SGC benefits from scale ($2.6 billion EBITDA in 2024), geographic diversification, and vertical integration spanning upstream (16.02% stake in Shah Deniz), midstream transportation (51% in TANAP, 21.02% in South Caucasus Pipeline, 20% in TAP), and downstream gas sales across Azerbaijan, Georgia, Türkiye, and Southern Europe.
https://www.trend.az/azerbaijan/business/4125884.html