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S&P affirms KazTransOil
Standard & Poor's said it affirmed its BB+ long-term corporate credit rating on KazTransOil.
At the same time, the rating was removed from CreditWatch, where it was placed with negative implications on Oct. 3, following a CreditWatch listing of the ratings on the Republic of Kazakhstan (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3), the agency said.
The outlook is positive.
According to S&P, the rating on KazTransOil is based on a top-down approach and is one notch lower than the rating on its 100% parent, state-owned hydrocarbon holding JSC NC KazMunayGas (BBB-/stable), reflecting the high strategic importance to KazMunayGas and the Kazakh government of the company's operations, which account for more than 60% of national oil exports.
The agency added that the rating on KazTransOil is constrained by strategic risks associated with the company's likely participation in the capacity expansion of crude export pipelines and other growth investments, which may lead to a more aggressive financial profile over the medium term.
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