S&P drops KazTransOil outlook to stable

Standard & Poor's said it revised its outlook on KazTransOil to stable from positive.

At the same time, the BB+ long-term corporate credit rating was affirmed, the agency said, noting that the outlook revision follows the revision on April 29 of the outlook on the sovereign and on KazTransOil's 100% parent, state-owned JSC NC KazMunayGas (KMG, BBB-/negative) to negative from stable.

The rating reflects the high strategic importance of the company's operations to KMG and the Kazakh government, S&P said, adding that the rating is based on a top-down approach and is one notch lower than the long-term rating on KMG.

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