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S&P gives KazMunaiGas BB+
Standard & Poor's said it assigned its BB+ long-term corporate credit rating to JSC KazMunaiGas Exploration Production.
The outlook is stable.
The agency said that the rating is based on a top-down approach and is one notch below that on KazMunaiGas's 58% parent, 100% state-owned holding JSC NC KazMunayGas (BBB-/stable).
The ratings on the parent are pegged to those on the Republic of Kazakhstan (foreign currency BBB/stable/A-3, local currency BBB+/stable/A-2), the agency noted.
S&P said that the rating on KazMunaiGas is constrained by the absence of both parental guarantees on the company's debt and cross-default provisions in the parent's debt and by its substantial minority shareholding.
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