Standard & Poor's said it raised the ratings on several Kazakhstan-based government-related entities following the upgrade of the Republic of Kazakhstan (foreign currency BBB/stable/A-3, local currency BBB+/stable/A-2; national scale rating kzAAA).
The agency raised the long-term corporate credit ratings on Kazakhstan Temir Zholy to BBB- from BB+, reflecting expectation of very high likelihood of extraordinary government support. The assessment of the company's standalone credit quality remains at b+.
S&P also raised the rating on Temir Zholy's 100%-owned subsidiary JSC Kaztemirtrans to BBB- to equalize it with the rating on the parent.
The outlook was revised to stable from positive. The Kazakh national scale ratings was raised to kzAA from kzAA-.
S&P raised rating on JSC NC KazMunayGas to BBB- from BB+, based on expectation of extremely high likelihood of extraordinary government support and the assessment of standalone credit quality at b. The national scale rating was raised to kzAA from kzAA-.
The outlook remains stable.
Following the action on the parent, the agency raised KazMunayGas' 100%-owned gas transportation subsidiary KazTransGas to BB from BB-.
The outlook is stable.
The agency affirmed subsidiaries, 60%-owned oil company JSC KazMunaiGas Exploration Production and 100%-owned oil pipeline KazTransOil at BB+, with a stable outlook.
| S&P said it left unchanged the ratings and outlook on Kazpost (JSC) (BB/stable, national scale rating kzA+), on Kazakh Agrarian Credit Corp. (BB/stable/B, kzA+), on Kazakhtelecom (JSC) (BB/stable; kzA) and on Kazakhstan Electricity Grid Operating Co. (JSC) (BB+/stable).
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| The likelihood of extraordinary state support is very high for Kegoc, high for Kazpost and Kazakh Agrarian Credit Corp., and moderately high for Kazakhtelecom.
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| The standalone credit quality for Kegoc, Kazpost and Kazakh Agrarian Credit Corp. at b and for Kazakhtelecom at bb-.
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