Fitch Ratings has affirmed Southern Gas Corridor CJSC's (SGC) senior unsecured long-term foreign-currency rating at 'BB+.' The affirmation reflects Fitch's unchanged assessment of SGC's USD 2 billion Eurobonds maturing in 2026.
The Southern Gas Corridor consists of three pipelines - the South Caucasus Pipeline Expansion (SCPX), the Trans-Anatolian Pipeline (TANAP), and the Trans-Adriatic Pipeline (TAP). The supplies natural gas from the Shah Deniz field in Azerbaijan to Turkey and the European Union via Georgia, Turkey, Greece, and Albania. It will serve ten major buyers from 7 EU countries and Turkey.