BAKU, Azerbaijan, March 3. Fitch Ratings has
affirmed the ratings of eight EMEA emerging markets networks,
including the Southern Gas Corridor Closed Joint-Stock Company,
following updates to its Corporate Rating Criteria and the Sector
Navigators Addendum on 9 January 2026, Trend reports.
Fitch confirmed that the ratings and Outlooks of these companies
remain unchanged despite the criteria updates.
For the Southern Gas Corridor, Fitch highlighted key
factors:
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics
(bbb+, Moderate), Market and Competitive Positioning (bbb,
Moderate), Diversification and Asset Quality (bbb, Moderate),
Company Operational Characteristics (bbb, Higher), Profitability
(bbb, Lower), Financial Structure (a+, Moderate), and Financial
Flexibility (bbb+, Moderate).
- The Governance assessment of 'Good' results in no
adjustment.
- The Operating Environment assessment of 'bb' results in an
adjustment of -1 notch(es).
- The SCP is 'bbb-'.
Other companies whose ratings were affirmed include Kazakhstan
Electricity Grid Operating Company (KEGOC), Namibia Water
Corporation Limited, GDZ Elektrik Dagitim Anonim Sirketi, Nama
Electricity Distribution Company SAOC, Oman Electricity
Transmission Company SAOC, Regional Electrical Power Networks JSC,
and Private Joint Stock Company National Power Company
Ukrenergo.
