The international rating agency S&P Global Ratings has upgraded the credit ratings of NC QazaqGaz JSC from BB to BB+ with a stable outlook. The agency reports that the national company demonstrated stable financial performance.
It is noted that the role of QazaqGaz in Kazakhstan is increasing due to the government's intention to increase the pace of gasification and move to a "green economy". Gas is becoming an essential component of energy stability in Kazakhstan. This is confirmed by a 50% increase in demand since 2018.
"The upgrade of the company's credit ratings indicates that the reforms in the gas industry are working, and the investment attractiveness is increasing. The assessment results by the international rating agency S&P confirm that QazaqGaz is on the right track," said Sanjar Zharkeshov, Chairman of the Board of JSC NC QazaqGaz.
In the future, the credit rating of QazaqGaz will depend on the company's creditworthiness and the sovereign rating of Kazakhstan.
