S&P cuts KazMunayGas view to negative

Standard & Poor's said it affirmed the BBB- long-term corporate credit on JSC NC KazMunayGas as well as its kzAA Kazakhstan national scale ratings.

The agency revised the outlook to negative from stable, following a similar outlook revision on the Republic of Kazakhstan (foreign currency BBB-/Negative/A-3; local currency BBB/negative/A-3; Kazakhstan national scale).

S&P noted that the outlook revision on KMG reflects its use of a top-down approach in rating this company, adding that the long-term corporate credit rating will move in line with that on the sovereign.

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