Standard & Poor's Ratings Services reinstated its 'BB+' long-term corporate credit rating on state-owned railway operator Azerbaijan Railways CJSC (ADY). The outlook is negative.
"We suspended the rating on July 31, 2015, due to a lack of sufficient information on financial and operating performance," S&P said. "The reinstatement follows our receipt of information from ADY that we consider of sufficient quality on its financial and operating performance and prospects.
"Our rating on ADY is based on our assessment of the company's 'bb-' stand-alone credit profile (SACP) and on our opinion that there is a "very
high" likelihood that the government of the Republic of Azerbaijan (BBB-/Negative/A-3) would provide timely and sufficient extraordinary government support to ADY in the event of financial distress."
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