Fitch affirms KazMunaiGas

Fitch Ratings said it affirmed JSC KazMunaiGas Exploration Production's long-term foreign- and local-currency issuer default ratings at BBB- and short-term issuer default rating at F3.

The outlook is stable.

The ratings reflect the company's strong ties with its parent company, KazMunaiGaz National Co., rated BBB with negative outlook. The ratings also factor in its solid credit metrics, Fitch said.

However, the company's earnings and cash flows are fully exposed to oil price volatility, the agency said.

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