Moody's rates KazMunaiGas Baa2

Moody's Investors Service said it assigned a Baa2 issuer rating to JSC KazMunaiGas Exploration Production.

The outlook is stable.

The foreign-currency issuer ratings reflect the Baa1 local-currency rating of the government of Kazakhstan, according to the agency.

Ratings also reflect the company's significant scale, operating and capital efficiency and strong leverage and cash flow metrics, Moody's said.

The rating is constrained by both fundamental risk factors such as field and production concentration and geopolitical risks, as well as limited organic growth prospects, the agency said.

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