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    Emil Lazarian
  • 6 years ago
    • Categories: 2020

Azerbaijani press: Fitch affirms Azerbaijan’s Southern Gas Corridor CJSC’s notes at ‘BB+’

Fri 13 Mar 2020 12:15 GMT | 16:15 Local Time

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Fitch Ratings has affirmed Azerbaijan`s Southern Gas Corridor CJSC’s (SGC) senior unsecured Eurobonds’ long-term foreign currency rating at ‘BB+’.

The affirmation reflects Fitch’s unchanged view on SGC’s USD2 billion Eurobonds maturing in 2026 fully guaranteed by the Republic of Azerbaijan (BB+/Stable).

The rating 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 equalised with Azerbaijan’s Foreign-Currency IDR.

SGC is a special purpose company, established by presidential decree in 2014 for consolidating, managing and financing the state’s interests in the development of Shah Deniz gas-condensate field, the expansion of the South Caucasus Pipeline, implementation of Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline projects. Azerbaijan ultimately owns 100% of the entity via a 51% stake held by the Ministry of Economy and a 49% stake held by the State Oil Company of Azerbaijan Republic (SOCAR, BB+/Stable).

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS