Moody's rates KazMunayGas

Moody's Investors Service said it assigned a provisional Baa3 rating to the proposed bond of up to $1.5 billion to be issued by JSC National Co. KazMunayGas.

The new bond will be issued under the recently updated $7.5 billion global medium-term note program.

The instrument will rank pari passu with all senior unsecured and unsubordinated obligations of the company.

The proceeds are expected to be utilized in 2011 for the refinancing of the existing indebtedness of the group, Moody's said, as well as for funding the capital investment under the Kashagan oil project.

The agency said it will assign a definitive rating to the new instrument following the conclusive review of the final documentation. A definitive rating may differ from the provisional rating.

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