Fitch affirms SOCAR at 'BB+', Outlook Positive

Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic's (SOCAR) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BB+'. The Outlook remains Positive, Report informs, citing the rating agency's website.

"We have revised our assessment of SOCAR's Standalone Credit Profile (SCP) to 'bb-' from 'b+' in light of its stronger financial profile," reads the report.

This is underpinned by state support provided to the company in the form of financial guarantees, cash contributions and equity injections, as well as SOCAR's social functions and its importance as a state vehicle for the development of oil and gas projects.