News

Wed Dec 28, 2011 1:08pm GMT

 

(The following statement was released by the rating agency)

 

Dec 28 -

 

-- We have raised our sovereign ratings on Azerbaijan to 'BBB-/A-3' from 'BB+/B'.

 

-- We are therefore raising our rating on 100% government-owned State Oil Company of Azerbaijan Republic (SOCAR) to 'BB+' from 'BB', in line with our methodology for government-related entities.

 

-- We continue to assess SOCAR's stand-alone credit profile at 'bb' and see the likelihood of government support as extremely high, given the company's critical role in the oil-driven economy and its very strong links with the government.

 

-- The stable outlook mirrors that on Azerbaijan.

 

Standard & Poor's Ratings Services said today that it had raised its rating on State Oil Company of Azerbaijan Republic (SOCAR) to 'BB+' from 'BB'. The outlook is stable.

 

We upgraded SOCAR because we upgraded the Republic of Azerbaijan (BBB-/Stable/A-3).