S&P affirms KazMunayGas

S&P said it affirmed the B- long-term corporate credit rating on KazMunayGas International NV.

The outlook is stable.

The agency said the affirmation reflects an expectation of the company’s solid operating performance in 2018 and 2019, despite slightly weakening refining margins.

The rating also reflects an expectation of improved credit metrics, with expected funds from operations to debt of 20%-25% and positive free operating cash flow generation, S&P said.

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