Fitch rates KazMunaiGaz BBB

Fitch Ratings said it assigned BBB foreign- and local-currency issuer default ratings and an F3 short-term foreign-currency rating to National Company KazMunaiGaz.

The outlook is stable.

The agency said the ratings reflect KazMunaiGaz's strategic importance to the Republic of Kazakhstan in oil and gas and Fitch's expectations that the company will continue to enjoy state support both in terms of regulation and tariffs as well as legislation designed to favor national interests, including 50% participation and operator rights in all newly discovered oil fields.

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