Fitch affirms KazMunaiGaz

Fitch Ratings said it affirmed JSC National Company KazMunaiGaz's long-term issuer default rating at BBB with stable outlook.

The affirmation follows the company's decision to acquire a 75% stake in The Rompetrol Group NV (rated B-) from Rompetrol Holding SA.

Fitch said it views the acquisition as beneficial for KazMunaiGaz's business profile despite Rompetrol's much lower rating.

The acquisition doubles the company's refining capacity and provides direct access to downstream markets, the agency added.

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