International rating agency Fitch has changed the forecast of the State Oil Company of Azerbaijan (SOCAR) for the issuer's long-term default rating from Negative to Stable.
SOCAR's unprotected rating maintained at BB +.
The change in the rating is mainly due to the approval of Azerbaijan's sovereign rating forecast at BB + / "Stable". The rating agency noted that SOCAR is a fully state-owned company, that the state continues to support the company in the form of financial guarantees, allocations and increase of authorized capital, as well as SOCAR's social functions and development of the national oil and gas industry.
