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SOCAR Plans $1 billion in Eurobond Issue

Azerbaijan's state energy firm SOCAR plans to raise $1 billion from a Eurobond issue to refinance its existing debt and fund its upstream and downstream operations, a SOCAR official said last Friday.

"We are working on Eurobonds ... the issue is aimed at improving SOCAR's ratings on the financial markets," SOCAR President Rovnag Abdullayev told reporters.

SOCAR issued a debut Eurobond of $500 million last year.

"We issued Eurobonds of $500 million last year," Abdullayev said, noting that the bonds have attracted good demand since.

SOCAR used funds from the first issue to buy assets from Exxon Mobil in Switzerland and increase the company's stake in Turkey's Petkim Holding.

The credit rating agency Moody's Investors Service has assigned a Ba1 rating to the approximately $1 billion worth of notes SOCAR plans to sell.

According to a Moody's press release, the outlook on the rating is stable, reflecting SOCAR's robust financial metrics supported by the favorable oil market environment and the company's operating performance outlook.

Source: Reuters

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