BAKU, Azerbaijan, March 3. Fitch Ratings has affirmed the ratings of eight EMEA emerging markets networks, including the Southern Gas Corridor Closed Joint-Stock Company, following updates to its Corporate Rating Criteria and the Sector Navigators Addendum on 9 January 2026, Trend reports.
Fitch confirmed that the ratings and Outlooks of these companies remain unchanged despite the criteria updates.
For the Southern Gas Corridor, Fitch highlighted key factors:
- Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb, Lower), Financial Structure (a+, Moderate), and Financial Flexibility (bbb+, Moderate).
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'bb' results in an adjustment of -1 notch(es).
- The SCP is 'bbb-'.
Other companies whose ratings were affirmed include Kazakhstan Electricity Grid Operating Company (KEGOC), Namibia Water Corporation Limited, GDZ Elektrik Dagitim Anonim Sirketi, Nama Electricity Distribution Company SAOC, Oman Electricity Transmission Company SAOC, Regional Electrical Power Networks JSC, and Private Joint Stock Company National Power Company Ukrenergo.