Fitch rates KazMunaiGaz notes BBB-

Fitch Ratings said it assigned KazMunaiGaz Finance Sub BV's $1.5 billion 7% notes due May 5, 2020 a final senior unsecured BBB- rating.

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

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

The outlook is stable.

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