Fitch affirms KMG International

Fitch Ratings said it affirmed KMG International NV's long-term issuer default rating at B+. The outlook is stable.

KMG is a wholly owned subsidiary of JSC National Co. KazMunayGas (BBB-/stable), the national oil and gas company of Kazakhstan.

It is rated four notches below KazMunayGa based on Fitch's parent-subsidiary rating linkage methodology, the agency said.

“The affirmation reflects our expectation that KMGI's leverage will remain below our negative leverage sensitivity over 2019-2021 despite high cash outflows towards projects undertaken by the recently established fund with the state as well as a $200 million payment for the planned acquisition of a 26.7% stake in Rompetrol Rafinare SA (RRC) from the Romanian government (BBB-/stable),” the agency said in a news release.

© 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.