15:07 - 15.09.2026

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September 15, Fineko/abc.az. Credit rating agency Fitch Ratings has published the rating sensitivity drivers and liquidity analysis for the State Oil Company of Azerbaijan (SOCAR).

Key highlights from Fitch’s analysis include:

Negative Rating Action / Downgrade Sensitivities:

A downgrade of Azerbaijan’s sovereign rating;

EBITDA net or gross leverage exceeding 3.0x or 3.5x on a sustained basis (would lead to a downward revision of SOCAR’s SCP, but not necessarily a downgrade of its overall IDR);

Weakening of sovereign support.

Positive Rating Action / Upgrade Sensitivities:

An upgrade of Azerbaijan’s sovereign rating;

Improved financial transparency along with EBITDA net or gross leverage sustained below 2.0x or 2.5x (would trigger an upward revision of the SCP, but not necessarily an IDR upgrade).

Liquidity and Debt Profile:

At end-2025, SOCAR held 14.0 billion AZN in cash and cash equivalents, supported by roughly 1.5 billion AZN in Fitch-adjusted marketable securities, which adequately covered 15.1 billion AZN in short-term debt liabilities.

During 2026, SOCAR proactively addressed these maturities by successfully repaying or refinancing 14.2 billion AZN of debt through a combination of short- and long-term financing instruments.