Moody's rates KazMunayGas notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to the new notes to be issued by KazMunayGas NC JSC under its $10.5 billion medium-term note program.

The agency affirmed the issuer rating of Baa3.

The outlook is stable.

Proceeds will be used to refinance upcoming maturities and other corporate purposes.

The rating reflects the company's fundamental credit strength and the Baa2 local-currency rating of the Kazakhstan government, the agency said.

The rating also considers the company's primary focus on E&P activities, the group's downstream segment and its transport monopoly, Moody's said.

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