The bond's final rating is contingent on the receipt of final documentation conforming to that held and confirmation of the final amount and tenor of the notes.
The notes will be issued by SGC, which is ultimately owned by Azerbaijan (BB+/Negative). The notes will be explicitly guaranteed by the Ministry of Finance acting on behalf of the Republic of Azerbaijan and rank pari passu with all other obligations of SGC.
The notes' rating is aligned with the rating of Azerbaijan and factors in SGC's state ownership, close financial integration with the government and strategic importance of its projects to country's development.
In Fitch's view, projects under SGC's development carry strategic importance for Azerbaijan's long-term macroeconomic stability
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