S&P revises Azerbaijan Railways outlook to negative; 'BB+' affirmed

S&P said: "The rating action mirrors that on the sovereign rating. In accordance with our criteria for rating government-related entities (GREs), if we were to lower the

sovereign rating on Azerbaijan (BBB-/Negative/A-3) by one notch, it would likely lead to a similar rating action on ADY.

"Our rating on ADY reflects our expectation of a "very high" likelihood that Azerbaijan would provide timely and sufficient extraordinary support to the company in the event of financial distress, according to our GRE criteria, and our assessment of ADY's stand-alone credit profile (SACP) as 'bb'."