Fitch Ratings reaffirms NC KazMunayGas JSC long-term rating at BBB- with stable outlook
On 20 September 2021, the international rating agency Fitch Ratings (the “Agency”) has affirmed the NC KazMunayGas JSC's (the Company or NC KMG) Long-Term Issuer Default Rating (IDR) at 'BBB-' (one notch below the sovereign rating) with Stable Outlook.
NC KMG 's Standalone Credit Profile (SCP) of 'bb-' reflects the company's solid business profile and Fitch's expectations of gradual deleveraging, following an increase in leverage in 2020 due to the slump in oil prices caused by the coronavirus pandemic, the Agency reports.
Other factors that served as prerequisites for the affirmation of the rating are expectations of an improvement in creditworthiness, despite moderation in oil prices in the coming year. In addition, an improvement in the inflow of dividends from companies in which NC KMG has participation interests is projected.
The full text of the press release issued by the Agency is available here