Moody's International Rating Agency has upgraded the ratings of the State Oil Company of Azerbaijan (SOCAR) from "Ba2" to "Ba1", including a corporate family rating (CFR) and a high unsecured rating.

At the same time, "Moody's" upgraded SOCAR's Basic Credit Assessment (BCA) from "b1" to "ba3", and Probability of Default Rating (PDR) from "Ba2-PD" to "Ba1-PD". changed from "positive" to "stable".