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 its short-term issuer default rating at F3.

The outlook for the Long-term issuer default ratings remains negative.

Ratings reflect the company's strong financial profile, the agency said. The company also benefits from a low absolute level of debt and high cash flow generation.

The company's solid credit metrics is a mitigating factor for its less favorable business profile compared with peers, Fitch said.

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