Fitch Affirms Azerbaijan's SOCAR at 'BB+ .

The outlook on the rating is "Negative". SOCAR's short-term default rating of the issuer was affirmed at 'B', and the unsecured priority rating was affirmed at 'BB +'. "SOCAR is completely owned by the state and its rating is equal to the rating of Azerbaijan (BB + / negative). It is supported by state support to the company in the form of financial guarantees, investments and injections into share capital, as well as the social functions of SOCAR and its importance as a state tool for the development of oil and gas projects.