Fitch affirms KazTransGas

Fitch Ratings said it affirmed KazTransGas's long-term foreign- and local-currency issuer default ratings at BB and short-term issuer default rating at B.

The agency also said it affirmed JSC Intergas Central Asia's long-term foreign- and local-currency issuer default rating at BB+, senior unsecured rating at BB+ and short-term issuer default rating at B. Intergas Finance BV's senior unsecured issues were affirmed at BB+.

The outlook is stable.

The ratings reflect the company's position as the monopoly operator of the gas pipeline network in Kazakhstan, which remains the only feasible route for transit of Central Asian gas to Russia and further to Europe, Fitch said.

The ratings are underpinned by the improved credit metrics of the group, the agency said.

The ratings also factor in expectations that both companies will maintain relatively solid financial profiles in 2011, albeit weaker than in 2009 and 2010, Fitch said.

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