Fitch confirms SOCAR and Azerienergy ratings at BBB-

The international rating agency Fitch Ratings changed from Positive to Stable the prediction on long-term rating of the foreign currency IDR of Azerienergy in foreign currency and confirmed the rating at the level BBB-, Trend reports, citing the agency’s statement on Monday. Short-term IDR was confirmed at the level F3.

Fitch also confirmed the long-term IDR of SOCAR at the level BBB- with a stable prediction. Short-term IDR was confirmed at the level F3.

“Reconsideration of the prediction of Azerienergy rating followed reconsideration from Positive to Stable of Azerbaijan long-term IDR on May 11, 2012. Reconsideration of the prediction on the rating more precisely reflects Fitch’s opinion on possible direction of ratings changing,” the statement says.

Azerienergy's rating is at the same level as Azerbaijan's rating, considering the serious legal, strategic, and operational links with the Azerbaijani government.

Previously, the agency stated it wouldn’t connect SOCAR's and Azerbaijan's ratings. However, in the current conditions of the rating BBB-, Fitch considers SOCAR's ties with the state to be strong.