Standard & Poor's Ratings Services has revised its outlook on the Republic of Azerbaijan's national oil company, State Oil Company of Azerbaijan Republic (SOCAR), to negative from stable. At the same time, the agency affirmed its 'BB+' long-term corporate credit rating on SOCAR.
The rating actions on SOCAR follow the Azerbaijan outlook revision, and they reflect S&P's view of SOCAR as a government-related entity.
downgraded the sovereign.
SOCAR is a 100% government-owned, vertically integrated national oil company.
"The rating on SOCAR reflects our view of the "extremely high" likelihood that its owner, the government of Azerbaijan, would provide extraordinary support
to the company. We assess SOCAR's stand-alone credit profile at 'bb'," S&P said.
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