Moody's rates KazMunayGas notes Baa3

Moody's Investors Service said it assigned a definitive Baa3 rating to the $1.25 billion 6 3/8% notes due in 2021 issued by JSC National Co. KazMunayGas.

The final terms of the notes are in line with the drafts reviewed for the provisional Baa3 instrument rating assignment, the agency said.

The notes were issued under its $7.5 billion global medium-term note program. The instrument ranked pari passu with all of the company's senior unsecured and unsubordinated obligations.

The proceeds will be used to refinance its existing indebtedness and fund its capital investment in the Kashagan oil project, Moody's said.

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