Fitch Ratings upgrades SOCAR’s Standalone Credit Profile, affirms “BBB-” rating
Baku, September 15, AZERTAC
International credit rating agency Fitch Ratings has upgraded SOCAR’s Standalone Credit Profile (SCP) by one notch to “bb.” At the same time, the agency affirmed SOCAR’s Long-Term Issuer Default Rating (IDR) at “BBB-” with a Stable Outlook.
The upgrade of the SCP reflects the strengthening of SOCAR’s standalone credit profile, excluding government support. The SCP is determined based on a separate assessment of the company’s financial resilience, operating performance, cash flows, debt burden, liquidity position, and business profile.
The improvement in the Standalone Credit Profile demonstrates SOCAR’s strengthened ability to meet its obligations through its own financial and operational capabilities. It also reflects the positive impact of measures implemented to manage debt, maintain liquidity, and ensure financial discipline.
Cooperation between SOCAR and Fitch Ratings has continued since 2010. During this period, the agency has regularly assessed the company’s financial and operating performance, debt profile, liquidity, business risks, and long-term development prospects.
In 2024, SOCAR was upgraded to investment grade by Fitch Ratings, receiving a “BBB-” credit rating. The affirmation of the rating at this level with a Stable Outlook reflects the agency’s expectations regarding the sustainability of the company’s current credit metrics.
Maintaining its investment-grade rating and improving its Standalone Credit Profile contribute to further strengthening SOCAR’s position in international capital markets, increasing investor confidence, and expanding its financing opportunities.
Fitch Ratings is one of the world’s leading international credit rating agencies. The agency assesses the credit risk of sovereigns, companies, financial institutions, and debt instruments, providing independent analytical opinions for global financial markets.
In July this year, Moody’s Ratings reaffirmed SOCAR’s long-term issuer rating at “Baa3” with a Stable Outlook. The Baa3 rating is investment grade, confirming that SOCAR continues to maintain its investment-grade credit status.
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