S&P affirms KazMunayGas

Standard & Poor's said it affirmed the BBB- long-term corporate credit rating on JSC NC KazMunayGas following the announcement of the company's acquisition of a 75% stake in The Rompetrol Group NV (B-/Watch positive) for $2.7 billion.

The outlook is stable.

According to the agency, the rating reflects KazMunayGas's close ties to the state.

It is based on a top-down approach and is two notches below the local currency rating on the Republic of Kazakhstan (foreign currency BBB/stable/A-3, local currency BBB+/stable/A-2, Kazakhstan national-scale kzAAA), S&P noted, adding that it believes that KazMunayGas's cornerstone role in the government's policy in the strategically vital hydrocarbon industry should bring the company substantial ongoing and extraordinary state support.

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