International credit rating agency Moody's has completed its latest scheduled review of the ratings of the State Oil Company of Azerbaijan (SOCAR).
According to Report, citing the agency, the assessment was conducted during a meeting of Moody's rating committee. During the review, the rationale behind the ratings was reassessed based on the applicable methodology and current developments.
Moody's emphasized that the review does not constitute a new credit rating action and should not be interpreted as an indication that such an action is likely in the near future.
Following the review, all of SOCAR's ratings, including its Baa3 long-term issuer rating and stable outlook, were affirmed.
The agency noted that the rating reflects SOCAR's ba2 Baseline Credit Assessment (BCA), the Baa3 sovereign rating of the Government of Azerbaijan, the very strong interdependence between the company and the state, as well as the high likelihood of government support should the company require financial assistance.
According to Moody's, SOCAR's ba2 BCA is supported by the company's strategic role in Azerbaijan's oil and gas sector, its strong financial and credit profile, close ties with the government, and the state's capacity to provide financial support if necessary.
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