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-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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