Fitch affirms KazMunaiGaz National Company’s rating

Oil&Gas Materials 29 June 2012 09:31 (UTC +04:00)

Kazakhstan, Astana, June 29 / Trend, D.Mukhtarov /

Fitch Ratings has affirmed Kazakhstan-based KazMunaiGaz National Company's (NC KMG) Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BBB-' and 'BBB' respectively, the agency's report says.

Fitch has additionally affirmed NC KMG's foreign and local currency senior unsecured ratings at 'BBB-' and 'BBB' respectively and Short-term foreign currency IDR at 'F3'.

According to the agency, although NC KMG continues to benefit from relatively strong links with the Kazakh state, a full rating alignment with the sovereign is not warranted without robust legal ties.

National company KazMunaiGas is Kazakhstan's national operator for exploration, production, processing and transportation of hydrocarbons. One hundred per cent of shares of JSC KazMunaiGas is owned by JSC National Welfare Fund Samruk-Kazyna.