The long-term and short-term credit rating of Azerenergy has been downgraded. According to the international rating agency Standard & Poor`s, before they were at, respectively, BBB- and A-3 and now they have become BB + and B. Both ratings of the electricity monopoly are on the revision at CreditWatch.
In other words, the agency pegs the financial stability of the structure to the sovereign ratings of Azerbaijan and believes that the government will allocate funds in the case of extraordinary financial situation. The own creditworthiness of Azerenergy is below - CCC +.
Until now, the government has consistently funded projects of the monopolist and acted as a guarantor of its debts and direct loans. Its assets are also fully controlled by the government. Now the JSC is to pay a number of previously deferred taxes. Moreover, it has a creditor’s debt to the state oil company at $ 2 billion for fuel supply, written off by the government.
The ratings will be reviewed during the first quarter. --17D-
Economics
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