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Fitch rates KMG Finance notes BBB-
Fitch Ratings said it assigned KazMunaiGaz Finance Sub BV's proposed notes an expected senior unsecured BBB- rating.
The notes will be issued under KMG Finance Sub BV's global medium-term note program, rated BBB-, which was increased to $5 billion from $3 billion in July. The notes will be unconditionally and irrevocably guaranteed by KazMunaiGaz National Co., which is rated long-term foreign- and local-currency issuer default BBB- and BBB, respectively, and short-term foreign-currency issuer default F3.
The outlook is negative.
Proceeds will be used to make a loan to KazMunaiGaz, which is expected to use proceeds for general corporate purposes, including refinancing Rompetrol Group NV's (B/negative) short-term maturities.
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