S&P affirms KazMunaiGas

Standard & Poor's said it affirmed its BB+ long-term corporate credit rating on JSC KazMunaiGas Exploration Production and removed it from CreditWatch with negative implications, where it had been placed on Oct. 3, after the same action was taken on its 58% owner and parent, state-owned holding JSC NC KazMunayGas (BBB-/stable, Kazakhstan national-scale kzAA).

The outlook is stable.

The agency said it affirmed its rating on KazMunaiGas because it affirmed that of the parent.

The rating on KazMunaiGas continues to be pegged to and is one notch below the long-term rating on KazMunayGas, the agency noted, adding that parental support stems from KazMunaiGas's position as KazMunayGas's largest majority-owned oil asset, responsible for about 60% of the EBITDA and the second-largest oil producer in Kazakhstan.

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