Bank Of Baku

Fitch affirms Southern Gas Corridor CJSC's notes at 'BB+'

Fitch

© APA | Fitch

# 07 February 2022 16:21 (UTC +04:00)

Fitch Ratings has affirmed Southern Gas Corridor CJSC's (SGC) senior unsecured Eurobond's long-term foreign-currency rating at 'BB+', APA-Economics reports citing Fitch.

The affirmation reflects Fitch's unchanged view on SGC's USD2 billion Eurobonds maturing in 2026 fully guaranteed by the Republic of Azerbaijan (BB+/Stable).

The rating reflects the unconditional, unsubordinated and irrevocable guarantee of full and timely repayment provided to SGC's noteholders by the state. As a result, Fitch views the notes' rating as equalised with Azerbaijan's Long-Term Foreign-Currency IDR.

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