Fitch affirms KazMunaiGas

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

The outlook is stable.

The company's ratings are aligned with the BBB- ratings and stable outlook of Kazakhstan due to the group's strong legal, strategic and operational ties with the parent, Fitch said.

This is underpinned by the importance of the oil and gas sector to the Kazakh economy, the agency said, and the company's status as an agency representing the state's interests in the industry.

The ratings also reflect the group's diversified business operations as a vertically integrated oil and gas company with access to all pipeline routes, which secures its export potential, Fitch added.

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