Fitch affirms KazMunaiGaz

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

The outlook is stable.

The ratings consider state support, as reflected in the favorable operating environment and the state's facilitation of funding arrangements for some of the company's projects, the agency said.

The ratings reflect the importance of the oil and gas sector to the Kazakh economy and the company's status as an agency representing the state's interests in this industry, the agency added.

Although the company continues to benefit from relatively strong links with the Kazakh state, full and timely financial support, which would allow a continued full rating alignment with the sovereign, is not certain without robust legal ties, Fitch said.

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