Fitch rates KazMunaiGaz notes BBB-

Fitch Ratings said it assigned KazMunaiGaz Finance Sub BV's $1.25 billion 11 ¾% notes due Jan. 23, 2015 a final senior unsecured BBB- rating. The notes were 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 2009.

The notes are guaranteed by KazMunaiGaz National Co., which has long-term foreign- and local-currency issuer default ratings of BBB- and BBB and short-term foreign-currency issuer default rating of F3.

The outlook is negative.

The company is expected to use the proceeds from the notes for general corporate purposes, including refinancing Rompetrol Group NV's short-term maturities, Fitch said.

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