Fitch affirms Azerbaijan's Southern Gas Corridor CJSC's notes at 'BB+'

 Fitch affirms Azerbaijan's Southern Gas Corridor CJSC's notes at 'BB+'
  • Clock-gray 16:00
  • calendar-gray 13 March 2020

Fitch Ratings has affirmed Azerbaijan`s Southern Gas Corridor CJSC's (SGC) senior unsecured Eurobonds' long-term foreign currency rating at 'BB+', APA-Economics reports citing the Agency.

The affirmation reflects Fitch's unchanged view on SGC's USD2 billion Eurobonds maturing in 2026 fully guaranteed by the Republic of Azerbaijan (BB+/Stable).

The rating reflects the unconditional, unsubordinated and irrevocable guarantee of full and timely repayment provided to SGC's noteholders by the state. As a result, Fitch views the notes' rating as equalised with Azerbaijan's Foreign-Currency IDR.

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