Moody's has affirmed the backed senior unsecured bond rating of Southern Gas Corridor CJSC (SGC), that benefits from an explicit guarantee from the government, at Ba2 and maintained the stable outlook, ONA reports citing Moody’s. The rating remained stable as forecasted.
It should be noted that the President of the Republic of Azerbaijan signed an order regarding to ensure the operation of the Southern Gas Corridor on the transportation of Azerbaijani gas to world markets, a State Commission of the following composition shall be set up to deal with the full-field development of the gas condensate field of “Shah Deniz”, expansion of the South Caucasus Pipeline (SCP) and the implementation of the Trans Anatolian Pipeline (TANAP) and Trans Adriatic Pipeline (TAP) projects.
The Southern Gas Corridor Closed Joint-Stock Company (the “Company” or “SGC CJSC”) was established for consolidating, managing and financing the State’s interests in the full-field development of the Shah Deniz gas-condensate field by the Presidential Decree No. 287 dated 25 February 2014. It was incorporated on 31 March 2014 in accordance with Azerbaijani legislation. 51% of the Company is owned by the Republic of Azerbaijan, which is represented by the Ministry of Economy of the Republic of Azerbaijan whereas 49% belongs to the State Oil Company of Azerbaijan Republic (“SOCAR”).