S&P applies B to Nostrum notes

S&P said it affirmed the B long-term corporate credit rating on Nostrum Oil and Gas plc, which operates in Kazakhstan.

The outlook is stable.

The agency also affirmed the B long-term issue rating on the company's senior unsecured notes that were issued by subsidiary Zhaikmunai LLP and are guaranteed by all the group's entities.

In addition, S&P assigned a B long-term debt rating to the proposed senior unsecured guaranteed notes, which will be issued by Nostrum Oil & Gas Finance BV, a financing subsidiary of Nostrum.

S&P said the rating on the proposed senior unsecured notes mirrors the long-term corporate credit rating on Nostrum. The agency expects the proposed issue to be jointly, severally, fully, and unconditionally guaranteed by all the group's entities, including major operating subsidiary Zhaikmunai.

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