Fitch assigns Socar notes BBB-

Fitch Ratings said it assigned State Oil Co. of the Azerbaijan Republic's (Socar) dollar-denominated senior unsecured notes a final foreign currency senior unsecured rating of BBB-.

Socar issued the notes at the corporate level. Although Socar owns 100% of all its main cash generating subsidiaries, the notes do not benefit from a direct guarantee from Socar's operating subsidiaries.

Fitch said the bond prospectus includes covenants limiting distributions of net income, disposals of core assets, consolidations, negative pledges and cross default provisions.

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