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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- Question-answer
- 5 February 2015 12:34
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- 5 February 2015 13:40
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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