KMG CREDIT RATINGS
Baa1 BBB+ BBB+
Baa2 (stable)
BBB BBB
Baa3 BBB- BBB- (stable)
Ba1 BB+ BB+
Ba2 BB (negative) BB
Ba3 BB- BB-
Moody's S&P Fitch
Baa2 (stable) BBB- (stable) BBB (stable)
SOVEREIGN RATINGS OF KAZAKHSTAN
On December 23, 2021, Moody's rating agency confirmed KMG's rating at Baa2, with a stable outlook.
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On September 27, 2022, the S&P rating agency upgraded KMG’s rating to «BB+» due to the consolidation of its stake in KMG Kashagan B.V., the outlook is «negative».
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On September 19, 2022, Fitch Ratings affirmed KMG's long-term default rating at «BBB-» with a «stable» outlook.
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Dynamics of KMG credit ratings
KMG borrows both on the national and global capital markets in line with its flexible, balanced debt management policy. KMG’s gross debt is represented by Bonds and Loans. The debt portfolio is mainly formed in US dollars - the currency of major incomes. KMG bonds are among the most liquid instruments among those offered by Kazakhstan’s issuers. KMG’s foreign currency bonds have been historically attractive to a wide range of investors. KMG bonds’ investor base includes thousands of institutional and retail investors, mostly based in the USA, Europe, and Asia. The bonds are traded on the London Stock Exchange (LSE), Kazakhstan Stock Exchange (KASE), and Astana International Exchange (AIX).
KMG bonds in circulation

Currency

Issue date / Maturity date

Issued volume

Bonds in circulation

Coupon rate, % annually ISIN: RegS / 144A
$ USA 19.04.2017/19.04.2027
1 000 $ USD million 1 000 $ USD million 4,75 XS1595713782 / US48667QAN51
$ USA
19.04.2017/19.04.2047
1 250 $ USD million 1 250 $ USD million 5,75 XS1595714087 / US48667QAP00
$ USA
24.04.2018/24.04.2025
500 $ USD million 500 $ USD million 4,75 XS1807299174 / US48667QAR65
$ USA
24.04.2018/24.04.2030
1 250 $ USD million 1 250 $ USD million 5,375
XS1807300105 / US48667QAQ82
$ USA
24.04.2018/24.04.2048
1 500 $ USD million 1 500 $ USD million 6,375 XS1807299331 / US48667QAS49
$ USA
14.10.2020/14.04.2033
750 $ USD million 750 $ USD million 3,50 XS2242422 397 / US48126PAA03
Kazakhstani tenge
16.09.2022 /16.10.2035
751 631,4 mln tenge 
751 631,4 mln tenge 
3,0 KZ2C00008969