The international rating agency Fitch has increased the long-term foreign currency rating of Southern Gas Corridor CJSC (SGC) from "BB+" to "BBB-", Azernews reports.

Fitch's decision reflects the Azerbaijani government's full, unconditional, and irrevocable guarantee of timely payment for SGC's $2 billion Eurobonds, which are due to remain in circulation until 2026.

As a result, Fitch has aligned the bond rating with Azerbaijan's long-term default rating (IDR).

The Southern Gas Corridor was established by a presidential decree on February 25, 2014, to oversee the Shah Deniz gas condensate field and related projects.

It consolidates and manages the state's investments in pipeline projects, with an authorized capital of $2.416 billion. The Ministry of Economy holds a 51% stake, while the State Oil Company of Azerbaijan (SOCAR) owns the remainder.