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S&P affirms KazMunayGas
S&P 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 remains negative.
S&P also affirmed the kzA Kazakhstan national scale rating on KMG.
“The affirmation reflects our view of very high likelihood of extraordinary and ongoing state support to KMG, despite relatively weak stand-alone financial metrics. We expect weak and relatively volatile financial metrics, including debt to EBITDA of 4x-5x, funds from operations (FFO) to debt of about 12%-15%, and negative free operating cash flow (FOCF) in 2017,” S&P said in a news release. “We have therefore revised our assessment of the financial risk profile to highly leveraged.”
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