Fitch Ratings has affirmed Southern Gas Corridor CJSC's (SGC) senior unsecured long-term foreign-currency rating at 'BB+'.
The affirmation reflects Fitch's unchanged assessment of SGC's USD2 billion Eurobonds maturing in 2026 fully guaranteed by the Republic of Azerbaijan (BB+/Negative).
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 Long-Term Foreign-Currency IDR.
"SGC's funding stems from a combination of USD6.5 billion debt and USD2.4 billion equity injections from the state. SGC did not borrow any new debt in 2020, while 38.5% of its debt stock as of end-2020 comprised bonds issued in favour of SOFAZ, followed by IFI/IFI-backed loans (30.9%) and Eurobonds (30.6%)," the agency noted.
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