Report informs, the downgrade of Azerenerji's rating reflects the downgrade of the Republic of Azerbaijan's Long-term foreign currency IDR to 'BB+' from 'BBB-'
Azerenerji's ratings are aligned with the Republic of Azerbaijan, reflecting the company's strong legal, strategic and operational ties with the state. All of the company's outstanding debt at end-2015 was guaranteed by the state.
The rating alignment reflects state guarantees for all of Azerenerji's outstanding debt at end-2015, the company's strategic importance to the Azerbaijani economy, strong operational links, including tariff and capex approval by the government, as well as a track record of direct tangible state support.
According to Agency, the company will receive AZN 3.7 bn over 2016-2019, covering almost all of its investment needs.
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