Baku. APA-Economics. “Moody's Investors Service (Moody's) has confirmed the Ba1 corporate family rating (CFR), Ba1 senior unsecured notes rating and Ba1-PD probability of default rating (PDR) of State Oil Company of the Azerbaijan Republic (SOCAR),” reads the statement of the agency “APA Economics” reports.
The outlook on the ratings is negative.
The agency's analysts believe that the government continues to provide strong support to the company: “SOCAR is the country's largest employer and tax contributor."
The agency notes that lower oil prices will continue to negatively affect the company's earnings. At the same time it is stressed that in the long term, SOCAR may encounter problems associated with oil production.
In 2015, SOCAR reported revenue of approximately $31.5 billion (including trading operations) and EBITDA of $3.1 billion.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
