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S&P rates KazMunayGas notes BBB-
Standard & Poor's said it assigned a BBB- rating to the senior unsecured proposed notes to be issued by KazMunaiGaz Finance Sub BV and guaranteed by JSC NC KazMunayGas (BBB-/negative).
The rating on KazMunayGas is based on a top-down approach, S&P said. It is one notch below the long-term local-currency corporate credit rating on the Republic of Kazakhstan (foreign-currency BBB-/negative/A-3; local-currency BBB/negative/A-3; Kazakhstan national scale rating kzAAA).
The negative outlook mirrors that on the sovereign.
The issuer's role as the government's key agent in the strategically vital oil and gas sector highlights the likelihood of ongoing and extraordinary state support, according to the agency.
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