S&P affirms KazMunayGas

S&P Global Ratings said it affirmed its BB long-term corporate credit ratings on KazMunayGas NC JSC (KMG) and its core subsidiary KazMunaiGas Exploration Production JSC (KMG EP). The outlook is negative.

S&P also affirmed the kzA Kazakhstan national scale rating on KMG.

The affirmation primarily reflects S&P’s view that KMG will maintain funds from operations to debt of about 20% on average and solid liquidity over 2017-2018, despite its weak operating performance, S&P said in a news release.

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