S&P Global Ratings has upgraded the long-term issuer credit rating and senior unsecured debt rating of the State Oil Company of Azerbaijan (SOCAR) from "BB-" to "BB," SİA informs.
"A clearer financial policy and improved transparency adds visibility to SOCAR's credit profile. We revised our assessment of the company's governance and financial policy, which affected our view of its SACP, to ‘bb-' from ‘b'," reads the message.
"The stable outlook reflects our expectation that SOCAR's liquidity will remain manageable, thanks to its sizable cash balances that together with cash flows cover near-term maturities, and the government's willingness to provide extraordinary and ongoing support will stay solid. It also reflects our anticipation there will be no major delays, cost overruns, or operating issues at the company's capex projects and core operations and no major changes in SOCAR's very strong link with the government.
In our base-case scenario, we anticipate S&P Global Ratings-adjusted FFO to debt of 12%-15% in 2025-2027 and slightly above 20% if accounting for the cash."
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