S&P revises SOCAR outlook to negative; affirms 'BB+' rating

The rating actions on SOCAR follow the Azerbaijan outlook revision, and they reflect S&P's view of SOCAR as a government-related entity.

downgraded the sovereign.

SOCAR is a 100% government-owned, vertically integrated national oil company. 

"The rating on SOCAR reflects our view of the "extremely high" likelihood that its owner, the government of Azerbaijan, would provide extraordinary support

to the company. We assess SOCAR's stand-alone credit profile at 'bb'," S&P said.