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
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review