Moody’s assigns KazMunayGas notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to the proposed senior unsecured dollar-denominated notes KazMunayGas NC JSC will sell.

“The Baa3 rating assigned to the proposed notes is the same as KMG’s long-term issuer rating, which reflects Moody’s view that the notes will rank pari passu with other outstanding senior unsecured debt of KMG,” the agency said in a press release.

KMG will use the proceeds primarily for refinancing its two series of notes due 2022 and 2023.

KMG and subsidiary KazMunaiGaz Finance Sub BV’s ratings and outlooks remain unchanged, Moody’s said.

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