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ECONOMICS
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Fitch upgrades Azerbaijan Mortgage and Credit Guarantee Fund’s rating

13 August 2024 11:52

Fitch Ratings has upgraded Azerbaijan Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan's (MCGF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+'.

The Outlook is Stable, Caliber.Az reports citing the message posted on Fitch’s website.

Fitch views MCGF as a government-related entity (GRE) with strong links with Azerbaijan and an important policy role in the provision of affordable housing and development of the business environment through facilitating financing to small and medium enterprises. Under its GRE Criteria, Fitch equalises MCGF's IDRs with those of Azerbaijan.

Fitch Ratings also upgraded Southern Gas Corridor CJSC's (SGC) senior unsecured Eurobond's long-term foreign-currency rating to 'BBB-' from 'BB+'.

The rating of SGC's $2 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 equalised with Azerbaijan's Long-Term Foreign-Currency IDR.

The Azerbaijan Mortgage and Credit Guarantee Fund was established to facilitate access to affordable housing and improve the housing finance system in Azerbaijan. Its primary goal is to support the development of the mortgage market and provide credit guarantees to enhance the availability of financing for homebuyers.

Southern Gas Corridor CJSC is a key entity in Azerbaijan's energy sector, responsible for overseeing and managing the development and operation of the Southern Gas Corridor (SGC) project. The SGC is a major initiative designed to transport natural gas from the Caspian region to Europe, enhancing energy security and diversification for the continent.

Caliber.Az
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