Fitch talks KazTransGas credit profile changes
Baku, Azerbaijan, August 8
By Nargiz Sadikhova - Trend:
Rating agency Fitch Ratings has affirmed KazTransGas JSC's (KTG) and its fully owned subsidiaries Intergas Central Asia JSC's (ICA) and KazTransGas Aimak JSC's (KTGA), Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-', Trend reports with reference to the agency.
Furthermore, the Outlooks are Stable.
“The affirmation reflects our view that KTG's standalone credit profile (SCP) has been materially enhanced by the increased earnings from exports to China on the back of the five-year contract signed with Petro China International Company in 2018,” the report said.
“KTG's business profile is underpinned by its dominant position in national gas transportation and distribution in Kazakhstan and the additional export volumes provide diversification away from the evolving domestic regulatory environment and support a deleveraging and stronger financial profile over 2019-2021. As a result, KTG's SCP has migrated to 'bbb-' from a high 'bb',"‘the statement said.
“The affirmation of KTGA and ICA's ratings reflect our continuing assessment that the linkage between KTG and its wholly owned subsidiaries is strong and warrants the alignment of their ratings,” read the message.
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