KAZINFORM – Fitch Ratings has upgraded JSC NC KazMunayGas’s (KMG) long-term issuer default rating from "BBB-" to "BBB", outlook "Stable", Kazinform learned from KMG press office.
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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