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Fitch Ratings upgrades JSC NC KazMunayGas’s rating to “BBB”, outlook “Stable”

23.06.2023

22 June, 2023, Fitch Ratings has upgraded JSC NC KazMunayGas’s (KMG) long-term issuer default rating from “BBB-” to “BBB”, outlook “Stable”.

The upgrade is driven by an upward revision of the KMG’s standalone credit profile from “bb-” to “bb” due to material deleveraging, consolidation contribution of KMG Kashagan B.V. and high level of state support.

As a result of the revision, KMG’s rating is now equalised with the sovereign rating of the Republic of Kazakhstan.


JSC NC KazMunayGas

22 June, 2023, Fitch Ratings has upgraded JSC NC KazMunayGas’s (KMG) long-term issuer default rating from “BBB-” to “BBB”, outlook “Stable”.

The upgrade is driven by an upward revision of the KMG’s standalone credit profile from “bb-” to “bb” due to material deleveraging, consolidation contribution of KMG Kashagan B.V. and high level of state support.

As a result of the revision, KMG’s rating is now equalised with the sovereign rating of the Republic of Kazakhstan.


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