ECONOMY


Fitch Affirms SOCAR at 'BBB-'

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Baku, October 29, AZERTAC

Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic's (SOCAR) Long-term Issuer Default Rating (IDR) at 'BBB-', Short-term IDR at 'F3' and senior unsecured rating at 'BBB-'. The Outlook on the Long-term IDR is Stable.

The ratings of SOCAR, a wholly state-owned national oil company of Azerbaijan (BBB-/Stable), are aligned with the sovereign's. SOCAR is a mid-size integrated oil company with 2013 hydrocarbon production of 253,000 barrels of oil equivalent per day and a number of assets in midstream, downstream, chemicals and retail.

 

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