S&P rates KazMunayGas bonds BB

S&P said it assigned a BB long-term issue rating to proposed bonds to be issued by KazMunayGas NC JSC.

The rating on this debt mirrors the long-term corporate credit rating on KazMunayGas, S&P said.

The agency said it estimates that the group's structurally and contractual priority debt is less than 15% of the group's net assets as most of the debt is currently unsecured and at the parent level.

The group intends to use the proceeds for general corporate purposes, including the refinancing of existing debt, S&P said.

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