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As part of its cooperation with the Baku Stock Exchange (BSE) under the Listing Advisory Program, JET Group Ltd. continues preparations for its potential entry into the Azerbaijani capital market.
As part of this process, JET Group Ltd. has been assigned a Long-Term Issuer Default Rating (IDR) of “B” by the international rating agency Fitch Ratings. The Outlook on the rating has been determined as “Stable”. According to the company, JET Group Ltd. is the first micromobility (kick-sharing) company to obtain an international credit rating.
According to the company’s financial indicators, revenues increased fivefold during 2024–2025. As of the end of the first quarter of 2026, the company’s interest coverage ratio, which reflects its ability to meet interest payment obligations, stood at 14x.
JET Group Ltd. operates in a number of emerging markets, including Central Asia and Latin America. The company has expanded its international footprint by entering the Chilean market in 2025 and the Mexican market in 2026.
As part of the company’s planned entry into the Azerbaijani capital market, the bond issuance is expected to be secured by a local bank. It should be noted that, as the company is a foreign legal entity, under the applicable legislation of the Republic of Azerbaijan, a secured bond issuance is required for the issuance of bonds within the territory of the country.
Meetings and discussions with local banks regarding the provision of security for the bond issuance are currently ongoing. JET Group Ltd.’s obtaining an international credit rating serves as one of the factors taken into consideration in the preparation process for the company’s potential bond issuance.
Within the framework of the Listing Advisory Program, the Baku Stock Exchange continues its activities aimed at supporting companies in their preparation for accessing the capital market and assessing their issuance opportunities.
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