Fitch expects SOCAR’s earnings to rebound

Fitch assesses SOCAR’s Standalone Credit Profile (SCP) at ‘b+’, with high leverage being the main constraint, Report informs, citing the rating agency.

"Leverage High but Under Control," the agency notes.

"SOCAR’s 2020 performance was fairly strong despite weak international oil prices due to regulated domestic prices and strong trading operations. We expect SOCAR’s earnings to rebound in 2021 on stronger international oil prices and increased regulated fuel prices since January 2021," Fitch says.