JSC Georgian Oil and Gas Corporation - Fitch Research

JSC Georgian Oil and Gas Corporation

JSC Georgian Oil and Gas Corporation - Fitch Research
JSC Georgian Oil and Gas Corporation
Published Mar 22, 2019
16 pages (7294 words) — Published Mar 22, 2019
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Brief Excerpt:

...Fitch Ratings' recent upgrade of Georgia-based JSC Georgian Oil and Gas Corporation's (GOGC) Long-Term Issuer Default Rating (IDR) follow s a recent similar rating action on the Georgian sovereign (see Fitch Upgrades Georgia to `BB'; Outlook Stable dated 22 February 2019 at w w w .fitchratings.com). Fitch rates GOGC under its Government- Related Entities (GRE) Rating Criteria, applying a one-notch uplift to its standalone credit profile (SCP) of `BB-' to arrive at the same rating as Georgia, the ultimate source of potential support to the company. The `BB-' SCP of GOGC reflects its monopoly position in gas transportation in Georgia, its status as the national oil company and its role as the state's agent in the pow er sector, a key area of the region's economies. It also reflects a solid financial profile w ith funds from operations (FFO) net adjusted leverage remaining below our negative rating sensitivity of 3.5x (2017: 0.8x) during 2018-2022, despite high capex and a dividend pay-out...

  
Report Type:

Full Rating Report

Company(ies)
Issuer
JSC Georgian Oil and Gas Corporation
Format:
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MLA:
Fitch Research. "JSC Georgian Oil and Gas Corporation" Mar 22, 2019. Alacra Store. Apr 20, 2019. <http://www.alacrastore.com/fitch-credit-research/JSC-Georgian-Oil-and-Gas-Corporation-947175_report_frame>
  
APA:
Fitch Research. (). JSC Georgian Oil and Gas Corporation Mar 22, 2019. New York, NY: Alacra Store. Retrieved Apr 20, 2019 from <http://www.alacrastore.com/fitch-credit-research/JSC-Georgian-Oil-and-Gas-Corporation-947175_report_frame>
  
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