S&P rates Azerenerji BBB-

Standard & Poor's said it assigned a BBB- long-term and A-3 short-term corporate credit ratings to Azerenerji JSC.

The outlook is stable.

The agency said it equalized the ratings on the electric utility company with those of its 100% owner, the Republic of Azerbaijan as there is an almost certain likelihood of extraordinary government support in the event of financial distress.

The company's stand-alone credit profile is B based on its fair business risk profile and highly leveraged financial risk profile, S&P said.

The Azerbaijani government's strong track record of financial support also supports the ratings, the agency said.

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