August 18, 2017 / 9:46 PM / a month ago

BRIEF-Moody's downgrades Azerbaijan's rating to BA2

Aug 18 (Reuters) - Moody’s Investors Service:

* Moody’s downgrades Azerbaijan’s rating to BA2, with a stable outlook, concluding review for downgrade

* Moody’s says downgraded to BA2 from BA1 senior unsecured debt rating of southern gas corridor CJSC, whose bonds are backed by the government’s guarantee

* ‍Moody’s on Azerbaijan- rating downgrade reflects the significant and long-lasting weakening of Azerbaijan’s fiscal and economic strength​

* Moody’s says Azerbaijan’s stable outlook reflects expectation that growth of additional direct debt and contingent obligations will level off by 2020

* ‍Moody’s on Azerbaijan - foreign currency bond ceiling is also lowered to BA2 from BA1; foreign currency deposit ceiling is lowered to BA3 from BA2​

* Moody’s says downgrade of Azerbaijan’s government debt rating reflects steep rise in government debt beyond expectations when rating was lowered to BA1

* Moody's says despite steep rise in gross government debt, Azerbaijan expected to remain net creditor, which provides significant support to BA2 rating Source text: (bit.ly/2vLlXtD)

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