S&P lowers Azerbaijan Railways view to negative

Standard & Poor’s said it revised the outlook on Azerbaijan Railways CJSC to negative from stable.

The agency also said it affirmed the company’s BB+ long-term corporate credit ratings.

The outlook revision mirrors a similar action on the sovereign rating, S&P said.

If the sovereign rating on Azerbaijan is downgraded by one notch, it would likely lead to a similar rating action on Azerbaijan Railways, S&P said.

The company’s ratings reflect expectation of a very high likelihood that Azerbaijan would provide timely and sufficient extraordinary support to the company in the event of financial distress, the agency said.

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