Fitch Affirms Ratings Of Southern Gas Corridor And Seven EMEA Infrastructure Firms

Fitch Ratings has affirmed the ratings of Southern Gas Corridor CJSC (SGC) and seven other infrastructure companies operating across emerging markets in Europe, the Middle East and Africa (EMEA), following an update to its corporate rating criteria, AzerNEWS reports.

According to the agency, the decision follows revisions to its “Corporate Rating Criteria” and“Industry Navigators – Supplement to the Corporate Rating Criteria” dated January 9, 2026. The update, however, did not affect the existing ratings or outlooks of the companies concerned.

Southern Gas Corridor profile assessment

Fitch's evaluation of SGC's business and financial profile includes the following components:

Management: bbb- (low relative importance)

Sector indicators: bbb+ (medium importance)

Market and competitive position: bbb (medium)

Asset diversification and quality: bbb (medium)

Operating performance: bbb (high importance)

Profitability: bbb (low importance)

Financial structure: a+ (medium importance)

Financial flexibility: bbb+ (medium importance)

Other companies affirmed

In addition to SGC, Fitch affirmed the ratings of:

Kazakhstan Electricity Grid Operating Company (KEGOC)

Namibia Water Corporation Limited

GDZ Elektrik Dagitim Anonim Şirketi

Nama Electricity Distribution Company SAOC

Oman Electricity Transmission Company SAOC

Regional Electrical Power Networks JSC

National Power Company Ukrenergo

Fitch emphasized that the updated methodology had no impact on the ratings and outlooks currently in force for all listed issuers.

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