BAKU, Azerbaijan, July 5. Moody's Ratings, an international rating agency, has upgraded the foreign currency-backed unsecured long-term credit rating of the Southern Gas Corridor (SGC) Closed Joint Stock Company (CJSC) to Baa3 from Ba1, giving the company an investment-grade rating, Trend reports via the CJSC.
Moody's statement noted that this decision was made against the
backdrop of strengthening the institutional capabilities of the
Azerbaijani government and maintaining macroeconomic stability. The
strategic initiatives implemented to bolster the nation's fiscal
resilience, mitigate reliance on hydrocarbon revenues, and enhance
economic diversification concurrently yield beneficial outcomes for
the sustainability of the Southern Gas Corridor initiative.
The Southern Gas Corridor, a pivotal initiative in the natural gas
export landscape, significantly enhances Europe's energy security
framework while concurrently bolstering Azerbaijan's stature within
the realms of foreign investment and energy market dynamics. The
elevation in rating underscores that this initiative possesses
substantial merits regarding fiscal viability and market
dependability.
