PRESS RELEASE. г. Нур-Султан. 13 августа 2021 г.The international rating agency Moody's has upgraded the ratings of five Kazakhstan's issuers associated with the state to "Baa2" from "Baa3", including companies operating in the oil and gas sector – KazMunayGas JSC, KazTransGas JSC and Intergas Central Asia JSC.
The outlook for JSC "KazMunayGas", JSC "KazTransGas" and JSC "Intergas Central Asia " was changed from "positive" to "stable". As explained in the agency, these rating actions are the result of a change in the sovereign rating of the government of Kazakhstan dated August 11, 2021. Then Moody's upgraded the long-term rating of the issuer of the Government of Kazakhstan in national and foreign currencies to "Baa2" from "Baa3", and the forecast was changed from "positive" to "stable".
The stable outlook of the ratings of KazTransGas JSC and Intergas Central Asia JSC reflects the rating agency's opinion that the specific credit factors of the companies, including their operational and financial indicators, creditworthiness indicators, market position and liquidity, will remain stable and the probability of emergency state support in case of financial difficulties/difficulties will not decrease.
According to Moody's assessment, the increase in Kazakhstan's sovereign rating is caused by the fact that the country's sovereign balance sheet and credit profile demonstrate stability corresponding to comparable ratings at the "Baa2" level. This resilience is supported by the size and efficient use of the country's wealth assets, which Moody's expects will grow and contribute to external stability.
In 2020, the international rating agencies Standard&Poor's, Fitch Ratings and Moody's confirmed the long-term corporate rating of KTG at the level of "BB", "BBB -" and "Baa3", respectively, the outlook for the rating is "stable".
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