Moody’s Upgrades KazMunayGas Rating from Baa3 to Baa2 Following Kazakhstan’s Sovereign Rating Upgrade
On 12 August 2021, Moody’s Investors Service upgraded the JSC NC “KazMunayGas” (KMG) credit rating from Baa3 to Baa2 following the Kazakhstan’s sovereign rating upgrade. The outlook has been changed from positive to stable. KMG’s stand-alone credit rating has been affirmed at Ba2.
The KMG’s rating upgrade following the Kazakhstan’s sovereign rating upgrade indicates a strong relationship between KMG and the RoK Government, which is ready to provide the required state support where necessary, due to KMG’s strategic importance for the country.
Note that on 11 August 2021, Moody’s Investors Service upgraded the long-term sovereign rating of Kazakhstan from Baa3 to Baa2, with a stable outlook.
For the full version of the Moody’s Investors Service press release, please visit