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Moody's S&P Fitch
Baa1 BBB+ BBB+
Baa2 (positive)

Baa2 (positive)

BBB BBB (stable)

BBB (stable)

Baa3 BBB- (stable) BBB-
Investment level
Ba1 BB+ (stable) BB+
Ba2 BB BB
Ba3 BB- BB-
* Sovereign credit ratings of Kazakhstan
* KMG credit ratings

On December 13, 2023, the rating agency Moody's changed the rating outlook for KMG from stable to positive, the rating was affirmed at Baa2.

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On December 26, 2023, the international rating agency "Standard & Poor’s Global Ratings" (S&P) affirmed the long-term JSC NC "KazMunayGas" (KMG) rating at «BB+», the outlook is «Stable», while the stand-alone credit rating was upgraded from «bb-» to «bb».

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On June 22, 2023, the Fitch Ratings agency upgraded KMG’s credit rating from «BBB-» to «BBB», the outlook is «Stable».
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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
24.04.2018/24.04.2030
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
Kazakhstani tenge
24.04.2023/01.04.2033
50 000 mln tenge 
50 000 mln tenge 
0,5 KZ2C00009736
Kazakhstani tenge
24.11.2023/01.10.2033
20 000 mln tenge 
20 000 mln tenge 
0,5 KZ2C00010429