Moody's has upgraded ratings of SOCAR


August 10, Fineko/ Moody's Investors Service (Moody's) has today upgraded the ratings of State Oil Company of the Azerbaijan Republic (SOCAR) to Ba1 from Ba2, including its corporate family rating (CFR) and senior unsecured rating.

ABC.AZ reports that concurrently, Moody's has upgraded SOCAR's baseline credit assessment (BCA) to ba3 from b1 and its probability of default rating (PDR) to Ba1-PD from Ba2-PD. The rating agency has also changed the company's outlook to stable from positive.

Today's rating action follows the upgrade of the ratings of the Government of Azerbaijan to Ba1 from Ba2.