Fitch Ratings has affirmed Azerbaijan’s JSC Azerenerji's Long-Term Issuer Default Rating (IDR) at 'BB+', affirmed its Short-Term IDR at 'B' and simultaneously withdrawn the ratings for commercial reasons, said a message from Fitch.
Moreover, Fitch Ratings has revised Azerenerji's outlook to stable. The revision of the outlook reflects the revision of the Outlook on the Republic of Azerbaijan sovereign rating on February 2, 2018.
“We view the support track record and the state's incentive to support all operations of Azerenerji as very strong, as the state provided equity injections over the past few years to partially fund Azereneji's investment program,” said the message.
Following the decree signed at end-2015, the state will continue providing equity injections to Azerenerji to assist the company in repaying its foreign-currency loans over 2016-2025, Fitch analysts believe.
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