The State Oil Company of Azerbaijan (SOCAR) has received the provisional ESG Rating of BBB from MSCI, a leading global provider of ESG indexes.
SOCAR’s provisional BBB ESG rating is acknowledgment of its achievements and commitments in the areas of carbon emissions, waste management, community relations, biodiversity, health and safety, governance and transparency.
Provisional BBB ESG rating makes SOCAR the only energy company in the region to achieve this rating as of date, and outpaces with this rating the most global national oil companies.
This rating is the result of an intensive process, which involved development and implementation of a comprehensive Environmental, Social, Governance (ESG) framework and this will support the successful sustainable growth trajectory of SOCAR.
At the same time, it is worth to note that there has been a positive change in SOCAR's credit ratings. Thus, the Fitch Ratings has upgraded SOCAR’s long-term issuer default rating (IDR) and senior unsecured rating to 'BBB-' from 'BB+', outlook is stable. Moody's Ratings changes SOCAR's outlook to positive and affirms Ba1 rating. S&P Global Ratings affirms SOCAR at "BB-" with stable outlook.
The Disclaimer Statement for MSCI Provisional ESG Rating:
The MSCI Provisional ESG Rating and related research (1) were prepared by MSCI ESG Research for compensation; (2) are not a credit rating or equity research report; (3) are made available for informational purposes without any warranty or guaranty of accuracy, quality, completeness or usefulness; (4) are current only as of the date first issued and are subject to modification and withdrawal; (5) do not, and are not intended to, constitute investment promotion, or an offer or recommendation to purchase or sell any securities; (6) are based in whole or in part on information provided to MSCI ESG Research by or on behalf of the rated company (which MSCI does not validate for reliability, truthfulness, accuracy, completeness or otherwise and some of which may be non-public); and (7) may not be copied or redistributed without the express written permission of MSCI ESG Research. MSCI ESG Research shall have no liability with respect to the rating and related research or any use thereof, which are subject to each of the additional provisions of the disclaimer located at: https://www.msci.com/legal/provisional-rating .
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