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Fitch lifts KazMunaiGaz
Fitch Ratings said it upgraded KazMunaiGaz National Co.'s long-term foreign-currency issuer default rating to BBB, along with its long-term local-currency issuer default rating to BBB+ and local-currency senior unsecured rating to BBB+.
The agency also affirmed its short-term foreign-currency issuer default rating at F3.
Fitch also upgraded KazMunaiGaz Finance Sub BV's foreign-currency senior unsecured rating to BBB.
The outlook is stable.
The upgrades reflect the upgrade of Kazakhstan's long-term foreign- and local-currency issuer default ratings to BBB+ from BBB and A- from BBB+, respectively.
The company continues to benefit from strong links with the Kazakh government, Fitch said.
However, full and timely financial support, which would allow a full rating alignment, is not certain without a significant portion of debt with explicit guarantees, the agency said. Consequently, the company's ratings are down one notch from the sovereign ratings, Fitch said.
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