Fitch affirms KazMunaiGaz

Fitch Ratings said it affirmed KazMunaiGaz National Co.'s long-term foreign- and local-currency issuer default rating at BBB, senior unsecured rating at BBB and short-term foreign-currency issuer default rating at F3. The outlook is negative.

The ratings reflect the company's diversified operations through the group's involvement in upstream, midstream and downstream businesses, which help to cushion the impact of volatile oil and gas prices on cash flow, Fitch said.

But it should be noted that the group's business is still geared towards the exploration and production segment, with crude oil sales accounting for 64.2% of 2007 revenue, the agency said.

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