Fitch approves SOCAR rating

18:00 | 08.02.2019
Fitch Ratings has approved the long-term issuer default rating (IDR) of Azerbaijan's state oil company SOCAR at "BB +” and the short-term IDR at "B”, with Stable outlook, Trend reports referring to Fitch.

The ratings agency notes that one of the key tasks of SOCAR is the production and sale of gasoline to the population, which the company sells at prices below international ones. Moreover, 50,000 people are employed in SOCAR, according to Fitch.