Fitch affirms SOCAR's rating

Fitch has equated the rating of the State Oil Company of Azerbaijan (SOCAR) to the sovereign rating of Azerbaijan (BB + / Stable) in accordance with the Rating Criteria of Government-Related Entities (GRE), Report informs, citing the agency.

The rating is based on the importance of state support in the form of financial guarantees, remittances and capital investments to SOCAR, as well as the company's social functions and the state's tool for the development of oil and gas projects.