The affirmation reflected Fitch's unchanged view on SGC's $2 billion Eurobonds maturing in 2026 fully guaranteed by Azerbaijan.

Development of the Azeri-Chirag-Guneshli (ACG) oilfield and the Shah Deniz gas field are the main energy projects in Azerbaijan.

SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

Azerbaijan’s Energy Ministry welcomed the decision and is now scheduled to produce 675,000 bpd in March.