September 14, 2017
On September 12, 2017 following the recent revise of the outlook on sovereign credit ratings of Republic of Kazakhstan to «Stable» from «Negative» and the affirmation of the ratings at «BBB-», S&P affirmed the ratings of five Kazakh companies with a «Negative» outlook. So S&P affirmed JSC NC KazMunayGaz's long-term global scale rating at «BB» and the national scale rating at «kzA», including KTO's rating affirmed at «BB» with a «Negative» outlook.
S&P assesses KTO's stand-alone credit profile at «bb+», and expresses a high likelihood of extraordinary support in the event of financial stress would come directly from the government, and considers a high strategic importance for its parent - KMG. S&P currently doesn't factor into the rating uplift for potential government support, considering the relatively high stand-alone credit profile.
The «Negative» outlook on KTO reflects the outlook on the KMG, and according to S&P, the rating is capped at the level of the rating on KMG.
S&P would likely revise the outlook on KTO to «Stable» if the rating agency took a similar action on KMG.
Current rating of JSC KazTransOil is «BB».
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KazTransOil JSC published this content on 14 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 September 2017 12:48:09 UTC.