Long-term Rating of Azerenergy - BBB- with Negative Outlook
The international rating agency Standard & Poor`s confirmed the long-term credit rating of JSC Azerenergy at BBB-. The short-term rating is affirmed at A-3. The ratings outlook changed from "stable" to "negative."
As noted in the report of the global structure, changes in ratings are due to the expected weakening of the financial support of the state in the event of financial distress on the background of the fallen stock prices of oil. The probability of extraordinary government support is presented as "almost unconditional" and is due to two factors. The first one is the important role of Azerenergy for the government given the status of a monopolist. The second one is communication with the government, given that 100% of its shares are owned by the state. Changes in the ownership of the structure are not expected in the next three years.
The state has always invested in this structure, implementing direct support for low rates. In addition, in 2010, payables of Azernergy amounting to $ 2 billion was written off. The same amount was written off for receivables.
Experts say directly that the rating of the agency is attached to the rating of the country, so that in the long term the "stable" outlook is possible in case of change of outlook on the sovereign ratings of Azerbaijan. --17D-
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- 5 February 2015 12:34
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Economics
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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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