Fitch rates Southern Gas eurobonds BB+

Fitch Ratings said it assigned an expected BB+ foreign-currency long-term rating to Southern Gas Corridor CJSC’s senior unsecured eurobonds.

The notes will be issued by Southern Gas, which is ultimately owned by Azerbaijan, the agency said.

The notes will be explicitly guaranteed by the Ministry of Finance acting on behalf of the Republic of Azerbaijan and will rank pari passu with all other obligations of Southern Gas, Fitch said.

The ratings reflect an expectation that Azerbaijan will honor the unconditional, unsubordinated and irrevocable guarantee provided to noteholders in a full and timely manner, the agency said.

Fitch said it views the notes as credit-linked to the sovereign.

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