Moody's: Socar eurobond Ba1

Moody's Investors Service said it assigned a definitive Ba1 senior unsecured rating and loss given default rating of 4 to the $500 million 5.45% 2017 eurobond issued by State Oil Company of Azerbaijan (Socar).

The outlook is stable.

Moody's said the Ba1 senior unsecured rating is aligned with the company's Ba1 corporate family rating and probability of default rating, which reflect the company's position as a government-related issuer.

As such, its ratings incorporate significant uplift for high-implied state support from its baseline credit assessment of 13, which corresponds to a Ba3 rating.

Moody's factors into Socar's ratings high government support and very high dependence assumptions.

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