Fitch affirms KazMunaiGas

Fitch Ratings said it affirmed KazMunaiGaz National Co.'s long-term foreign- and local-currency issuer default rating at BBB- and BBB, senior unsecured at BBB- and short-term foreign-currency issuer default rating at F3.

The outlook is negative.

The company's ratings are aligned with the sovereign, Kazakhstan, which is rated BBB-, BBB, F3 with negative view, as the legal, strategic and operational ties between the parent and the group are considered to be strong, Fitch said.

The ratings also reflect the group's diversified business operations as a vertically integrated oil and gas company with access to all oil and gas pipeline routes in the country, thus securing its export potential, the agency said.

But despite rapid oil and gas production expansion, the company still operates on a small scale versus its Russian and international peers, Fitch said.

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