S&P revises Azerenerji, Socar to negative

S&P said it revised its outlooks on Azerenerji JSC and State Oil Co. of the Azerbaijan Republic (Socar) to negative from stable.

At the same time, the agency affirmed its BB/B long- and short-term corporate credit ratings on Azerenerji, and its BB long-term corporate credit rating on Socar.

The outlook revisions follow similar action on Azerbaijan on July 29, 2016.

S&P said it considers both companies to be government-related entities (GREs) that it believes may receive different levels of extraordinary support from the government of Azerbaijan.

The agency has not revised its assessment of the likelihood of extraordinary support these companies might receive from the government.

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