Baku – APA-Economics. Standard & Poor's has revised down its outlook for Azerbaijan Railways to negative from stable, following a similar revision to the country's sovereign credit outlook, Reuters reported.
S&P affirmed its BB+ long-term corporate credit rating on Azerbaijan Railways, which is 100 percent owned by the Azeri government.
"The rating action mirrors that on the sovereign rating," S&P said. "Our rating ... reflects our expectation of a 'very high' likelihood that Azerbaijan would provide timely and sufficient extraordinary support to the company in the event of financial distress."
S&P revised down Azerbaijan's sovereign credit outlook to negative on Jan. 30, saying the oil-rich country's fiscal and external balances would be hurt by the drop in oil prices.
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