S&P: KazMunayGas unaffected

Standard & Poor's said its ratings on JSC NC KazMunayGas (BBB-/stable) remain unchanged following an agreement with an international consortium to double KazMunayGas's stake in Kashagan to 16.8% from 8.33% at a cost of $1.78 billion.

The agency said that its ratings on KazMunayGas are based on the top-down approach and are one notch lower than that of the Kazakhstan sovereign.

S&P noted that it believes that renegotiation of Kazakhstan's agreement with the international shareholders and the acquisition price illustrates the strong government support that KazMunayGas currently enjoys.

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