S&P affirms KazMunayGas

Standard & Poor's said it affirmed its BBB- long-term corporate credit rating and kzAA Kazakhstan national-scale rating on 100% government-owned Kazakh oil and gas holding JSC NC KazMunayGas.

The agency said that the ratings were removed from CreditWatch with negative implications, where they had been placed on Oct. 3, following the CreditWatch listing of the Republic of Kazakhstan (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3).

The outlook is stable.

S&P said that the rating on KazMunayGas continues to be based on a top-down approach, which links it to the local currency rating on the sovereign.

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