Fitch Ratings upgrades KMG's rating to «BBB», outlook «Stable»
13:49, 26 June 2023
ASTANA. 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.