“The affirmation reflects our expectation that GOGC will be able to deleverage to within our rating sensitivities from 2022 on improved EBITDA from the electricity generation segment, following an expected leverage spike in 2021," Fitch said in a statement.

A BP-led consortium produces oil at Azerbaijan’s giant off-shore Azeri-Chirag-Guneshli (ACG) oilfields, which account for most of Azerbaijan's oil production.

The project was conceived years ago but in the last year or so, Orthodox ecclesiastical authorities, who suddenly seem well-financed, have whipped up a storm of opposition, saying their rich and unique traditions are under threats from "foreign forces", namely Turkey.

Orders totaled $1.4 billion and the final coupon rate was set at 4.85 percent, down from an initial 5.375 percent. Eurobonds were distributed to almost 130 investors from the UK (37 percent), the US (14 percent), Germany (8 percent) and a number of other European (35 percent) and Asian (6 percent) countries.

The company’s management said the move underscored contempt for recognised principles of corporate management and one member of parliament said it could jeopardise Ukraine’s programme of the International Monetary Fund (IMF) credits – already suspended and subject to a review of a wide range of government policies.