SOCAR's Baa3 Credit Rating Reaffirmed by Moody's

Moody's Investors Service completed its periodic review of the State Oil Company of the Republic of Azerbaijan (SOCAR) and reaffirmed the company’s long‑term issuer rating at Baa3 with a stable outlook, stating that the rating and outlook remain unchanged.

The agency said the rating reflects SOCAR’s strategic role in Azerbaijan’s oil‑gas sector, strong financial results, robust credit metrics and the likelihood of continued government support. Risks noted include declining oil production, increased merger‑acquisition activity, a complex corporate structure, limited disclosure, oil‑price volatility and the concentration of operations in Azerbaijan. Moody's also highlighted that SOCAR’s base credit assessment (ba2) is two notches above the methodological minimum. The reaffirmation aligns with similarly high ratings from Fitch (BBB‑, stable) and S&P Global (BB, positive).