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

Fitch affirms Azerbaijan
# 15 March 2018 12:21 (UTC +04:00)

Fitch Ratings has affirmed Southern Gas Corridor CJSC's (SGC) senior unsecured Eurobonds' long-term foreign currency rating at 'BB+'.

According to management's forecast, SGC's net financial needs for operations and capex will be close to USD2.2 billion in 2018-2019 taking into account proceeds from the operation of Shah Deniz and South Caucasus Pipeline. Fitch expects SGC to raise loans from development institutions and tap debt capital markets for funding in the medium term, while bonds and loans could be supplemented by state capital injections should offered market terms be unacceptable.