Fitch Ratings international rating agency has upgraded Southern Gas Corridor CJSC's (SGC) senior unsecured Eurobond's long-term foreign-currency rating to 'BBB-' from 'BB+', APA-Economics reports citing the agency.
It is noted that the rating actions follow the upgrade of Azerbaijan's IDRs to 'BBB-' from 'BB+' (see 'Fitch Upgrades Azerbaijan to 'BBB-'; Outlook Stable', dated 26 July 2024 at www.fitchratings.com): "The rating of SGC's USD2 billion Eurobonds maturing in 2026 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 equalized with Azerbaijan's Long-Term Foreign-Currency IDR."
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