17:03 - 4.07.2025

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July 4, Fineko/abc.az. International rating agency Moody's has upgraded the foreign currency credit rating of Southern Gas Corridor CJSC from Ba1 to Baa3, assigning the company an investment grade, with the rating outlook confirmed as “Positive", ABC.AZ reports, referring to Moody’s new rating statement for Azerbaijan.

The agency notes that the decision to increase reflects strengthening of company's financial stability, as well as the high level of government support and the strategic importance of the project for ensuring regional energy security.

The rating of Southern Gas Corridor CJSC has been upgraded simultaneously with the sovereign credit rating of Azerbaijan from Ba1 to Baa3. For the first time, Moody's awarded the country an investment rating. The rating outlook was also confirmed as "Positive".

Southern Gas Corridor CJSC is a special purpose company established by presidential decree in 2014. 49% of participation in the company belongs to the Ministry of Economy, and 51% belongs to the State Oil Company of Azerbaijan (SOCAR). The company was established to consolidate, manage and finance the interests of the state in the development of gas condensate field Shah Deniz, expansion of South Caucasus gas pipeline, and implementation of TANAP and TAP projects.