Baku - APA-Economics. Fitch Ratings has revised the Outlook on OJSC Azerenerji’s (Azerenerji) Long-term foreign currency Issuer Default Rating (IDR) to Stable from Positive and affirmed the rating at ’BBB-’, Reuters reported.
Fitch has also affirmed State Oil Company of the Azerbaijan Republic’s (SOCAR) Long-term foreign currency IDR at ’BBB-’ with a Stable Outlook. A full rating breakdown is below.
The revision of Azerenerji’s Outlook to Stable reflects the agency’s revision of the Outlook on the Republic of Azerbaijan’s Long-term foreign IDR to Stable from Positive on 11 May 2012 (see ’Fitch Revises Azerbaijan’s Outlook to Stable; Affirms at ’BBB-" at www.fitchratings.com). The revision of the Outlook on the sovereign rating, and consequently Azerenerji’s rating, better reflects Fitch’s view on their likely direction.
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