Moody’s gives Baa3 to KazMunayGas notes

Moody's Investors Service said it assigned Baa3 ratings to the proposed $500 million senior unsecured notes due 2022, $1 billion notes due 2027 and $1.25 billion notes due 2047 to be issued by KazMunayGas NC JSC (Baa3 negative).

"The Baa3 rating assigned to the notes reflects the proven track record of state support and our expectation that the company's credit metrics will remain adequate despite somewhat elevated Moody's-adjusted leverage owing to oil prepayments," Denis Perevezentsev, Moody's vice president, senior credit officer and lead analyst for KazMunayGas, said in a news release.

"The notes issuance improves the company's liquidity profile amid volatile oil prices and about $2.1 billion of debt maturing in 2018, including $1.6 billion of Eurobonds."

The notes will be issued as Series 10, 11 and 12 under the existing $10.5 billion global medium-term note program (provisional Baa3) established by KazMunayGas and KazMunaiGaz Finance Sub BV.

KazMunayGas will use the net proceeds for general corporate purposes, including refinancing and retiring of its existing debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.