17:00 - 7.02.2022

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February 7, Fineko/abc.az. International rating agency Fitch Ratings has affirmed the long-term foreign currency rating assigned to the eurobonds of Azerbaijani Southern Gas Transport Corridor CJSC at the level of ‘BB+’.

ABC.AZ reports with reference to the Agency.

The rating reflects the unchanged position of the joint-stock company in relation to Azerbaijan’s eurobonds with full collateral (BB+/Stabil) in the amount of $2 bn to be in circulation until 2026.

"Since the Azerbaijani government guarantees SGC bondholders a full and timely refund, the securities' rating has been identified with Azerbaijan's long-term foreign currency rating. Bondholders can make their claims directly to the state without taking any legal action against the SGC. The guarantee is regulated by British law and is at the same level as all other unsecured foreign sovereign debts. Historically, in 2016-2020, reserves for guarantees were allocated in the state budgets, and we expect this practice to continue," Fitch said.