Fitch cuts KazMunaiGaz view to negative

Fitch Ratings said it changed the outlook for KazMunaiGaz's long-term foreign- and local-currency issuer default ratings to negative from stable, and affirmed its long-term foreign- and local-currency issuer default ratings at BBB and short-term issuer default rating at F3.

The outlook change follows the change in the outlook for the Republic of Kazakhstan's BBB long-term issuer default rating to negative from stable, the agency said.

The company's ratings are aligned with those of Kazakhstan due to its strong ties with the government since it represents the state's interests in Kazakh oil and gas industry, Fitch said.

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