The agency said that the assignment of final rating is contingent on the company's successful local bond issue and refinancing,

In this region, neighbouring Georgia is automatically associated with wine. Azerbaijan, by contrast, is rarely associated with viniculture, though its roots run deep.

Russian President Vladimir Putin held a telephone conversation with Turkish President Recep Tayyip Erdogan on June 24, the Kremlin press service said. The situation involving Azerbaijan and Armenia was a central topic.

Annual inflation stood at 7.7 percent in May, up from 7.2 percent in April and beyond the 3 percent target. On monthly basis, consumer prices were up 0.7 percent in May from a month earlier after rising 0.9 percent in April.