Fitch rates KazMunaiGaz notes BBB-

Fitch Ratings said it assigned KazMunaiGaz National Co.'s upcoming notes issue an expected senior unsecured BBB- rating.

The notes will be issued under KazMunaiGaz Finance Sub BV's global medium-term note program, which was increased by $2.5 billion to $7.5 billion in April 2010.

The company has a long-term foreign- and local-currency issuer default ratings at BBB- and BBB, respectively, and a short-term foreign-currency issuer default rating at F3.

The outlook is stable.

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