Moody's raises SOCAR’s rating

Moody's Investors Service has 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.

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, Caliber.Az reports citing the agency’s report.

The rating agency has also changed the company's outlook from positive to stable.

Today's rating action follows the upgrade of the ratings of the Government of Azerbaijan to Ba1 from Ba2 on August 5 2022.