Fitch downgrades Socar, debt to BB+

Fitch Ratings said it downgraded State Oil Co. of the Azerbaijan Republic's (Socar) long-term issuer default rating to BB+ from BBB-, short-term issuer default rating to B from F3 and senior unsecured rating to BB+ from BBB-.

The outlook on the long-term issuer default rating is negative.

Fitch said the action follows the Feb. 26 downgrade of the issuer default rating of the sovereign rating of Azerbaijan. Socar is a wholly state-owned national oil company of Azerbaijan and its ratings are aligned with the sovereign's.

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