State Oil Company of Azerbaijan (SOCAR) has received the provisional ESG Rating of BBB from MSCI, a leading global provider of ESG indexes, Report informs referring to SOCAR.

SOCAR’s provisional BBB ESG rating is an acknowledgment of its achievements and commitments in the areas of carbon emissions, waste management, community relations, biodiversity, health and safety, governance, and transparency.

The 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 most global national oil companies.

This rating is the result of an intensive process, which involved the development and implementation of a comprehensive Environmental, Social, and Governance (ESG) framework and this will support the successful sustainable growth trajectory of SOCAR.

At the same time, 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+', the outlook is stable. Moody's Ratings changed SOCAR's outlook to positive and affirmed a Ba1 rating. S&P Global Ratings affirms SOCAR at "BB-" with a stable outlook.