S&P assigns KazMunayGas BBB-

Standard & Poor's said it assigned its BBB- long-term corporate credit and kzAA Kazakhstan national-scale ratings to JSC NC KazMunayGas.

The company is based in the Republic of Kazakhstan (foreign currency BBB/stable/A-3, local currency BBB+/stable/A-2, Kazakhstan national-scale kzAAA), S&P added.

The outlook is stable.

The agency noted that the rating is based on our top-down approach for rating government-related entities and is two notches below the local currency rating on the sovereign, resulting in a foreign currency rating one notch below that on the sovereign, adding that KazMunayGas is the cornerstone of government policy in Kazakhstan's strategically vital oil and gas industry.

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