S&P drops KazMunayGas to BB+

Standard & Poor's said it lowered its long-term corporate credit ratings on KazMunayGas NC JSC and core subsidiary KazMunaiGas Exploration Production JSC to BB+ from BBB-.

The outlook is negative.

At the same time, the agency lowered the Kazakhstan national scale rating to kzAA- from kzAA.

The actions follow the Feb. 9 downgrade of Kazakhstan.

S&P said the downgrade reflects KazMunayGas’ status as a government-related entity with an "extremely high" likelihood of receiving government support if in need. The agency therefore incorporates four notches of uplift into the long-term rating.

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