![Downgraded Credit Rating of Azerbaijan Railways](https://turan.az/resized/./turan-750-500-resize.webp)
Downgraded Credit Rating of Azerbaijan Railways
The long-term credit rating of JSC Azerbaijani Railways (AR) has been changed from BB + to BB- with a "negative" outlook.
According to the analytical information of the rating service of Standard & Poor`s, assessment of financial stability in the future will be reviewed.
The results were affected by the fact that AR admitted in late November a three-day delay in the payment of an international credit as a result of red tape. Now the connection of the company with the government is rated as "strong" and not "very strong", as it was before. As a consequence of the delay of payment on the loan, evaluation of the provision of timely and emergency care by the government also changed from "very high" to "high".
The railway monopolist is very important for the government, however, the November incident was a wake-up call - the agency intends to revise its rating with the probability of a downgrade as much as two points - to , if the system of government oversight of the AR is not improved.
The rating is to be reviseed in 3 months, during which the Agency will monitor the level of support of AR by the government. --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