Fitch assesses SOCAR ratings alongside 10 of world's largest oil and gas companies

International rating agency Fitch Ratings has affirmed the credit ratings of 11 oil and gas producing companies, including the State Oil Company of Azerbaijan (SOCAR), following updates to its corporate rating criteria and sector navigators.

According to Report, citing Fitch, the list of companies whose ratings were affirmed also includes QatarEnergy, Saudi Aramco, BP, OMV, Repsol, EDO, OQ, KazMunayGas, Romgaz, and Uzbekneftegaz.

As part of the review, Fitch assessed SOCAR's standalone credit profile (SCP) using the Corporate Rating Tool (CRT). Based on the analysis, SOCAR"s SCP was determined at the "bb-" level.

SOCAR"s business and financial profile received the following scores: management - "bb", industry characteristics - "bb+", market and competitive position - "bbb-", diversification and asset quality - "bb+", operating characteristics - "bb", profitability - "bbb", financial structure - "b-", and financial flexibility - "b+".

Quantitative financial metrics were calculated using SOCAR-specific CRT parameters: 10% weight was assigned to actual 2024 data, 10% each to the 2025 forecast, 30% each to the 2026 and 2027 forecasts, and 20% to the 2028 forecast.

Fitch assessed SOCAR"s corporate governance as "good" and its operating environment at "bb-". Neither assessment resulted in rating adjustments. In determining the long-term Issuer Default Rating (IDR), Fitch applied its Government-Related Entities (GRE) criteria using an equalized approach.