S&P affirms Intergas, KazTransGas

Standard & Poor's said it affirmed its BB long-term corporate credit ratings on Intergas Central Asia and its holding company, KazTransGas.

The outlook is stable.

S&P said that the ratings reflect the group's aggressive growth policy, involving both investments and acquisitions, the opaque regulatory regime under which it operates and its aged infrastructure.

The group is also indirectly exposed to central Asian gas producers and is highly dependent on the operations of OAO Gazprom (BB+/positive), S&P noted, adding that these risks are mitigated by the strong profitability of Intergas' gas transit operations in the absence of transit tariff regulation.

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