Moody's keeps SOCAR rating unchanged at Baa3

International rating agency Moody's has completed its latest scheduled assessment of ratings assigned to the State Oil Company of Azerbaijan, SOCAR, Report informs, citing Moody's.

The assessment was carried out as part of a rating committee meeting.

During the meeting, the agency reassessed the rationale for the ratings, taking into account the applicable base methodology and recent developments.

"This information does not indicate that a new credit rating decision has been made, nor does it signal that such a decision will be made in the near future," Moody's said.

According to the agency, SOCAR's ratings, including its long-term Baa3 issuer rating and stable outlook, remain unchanged.

Under Moody's Government-Related Issuers methodology, SOCAR's rating reflects the company's ba2 Baseline Credit Assessment, Azerbaijan's Baa3 foreign-currency credit rating as the company's sole owner, a very high default dependence between SOCAR and the government, and a high likelihood of state support in case of financial distress.

SOCAR's ba2 Baseline Credit Assessment is supported by the company's key role in Azerbaijan's oil and gas sector and its importance to the national economy, strong financial performance, solid credit metrics, close links with the Azerbaijani government, which has accumulated large financial buffers, and the government's ability to provide financial support to the company if needed.