According to the agency, structure of company’s capital is unsustainable: “We think that Azerenergy will be effectively supported by Azerbaijani government in the state of currency financial crisis. However, we can reassess the support to Azerenergy. If we witness reduction of state control and administrative support mechanisms, we’ll appoint determiner of lower state support”.
The Agency’s experts say that as Azerenergy is the largest energy supplier of the country, the government is the main responsible factor for state support: “We think that economic development of the state allows and will allow for next three years the reliable and available energy. The state pays off approximately 40% of Azerenergy’s debts. About 60% of loan portfolio makes funds borrowed from the state. We don’t expect the government to increase the tariffs for Azerenergy, but the state may support Azerenergy by paying off its debts, issuing bonds or controlling the debts to SOCAR”.
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