The rating actions followed the revision of the outlook on the sovereign rating of Azerbaijan to BB+/Stable.  SOCAR is fully owned by the state.

Azerbaijan’s government, on a declared, merciless war-path to root out high-level corruption, has detained officials from the country’s once-sacrosanct, all-mighty customs service.

Russia’s troop build-up on Ukraine’s border and the threat of a broad full-scale incursion sent alarmed chancelleries scurrying to make calls for Moscow to step back from the brink.

Armenia's current energy policy is focused on developing indigenous energy sources, mainly renewable, and on replacing the country’s main nuclear reactor.

Fitch said rating based on majority state ownership, significant systemic importance, capital and liquidity support.