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.

Fitch also affirmed its foreign- and local-currency senior unsecured ratings at BBB- and BBB, respectively and short-term foreign-currency issuer default rating at F3.

The outlook is positive.

Although the company continues to benefit from relatively strong links with the Kazakh state, a full rating alignment with the sovereign is not warranted without robust legal ties, Fitch said.

The ratings are notched down one notch from the sovereign foreign- and local-currency ratings, the agency said.

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