S&P affirms KazTransGas, Intergas

Standard & Poor's said it affirmed its BB long-term corporate credit ratings on KazTransGas and its 100%-owned gas pipeline operator JSC Intergas Central Asia.

The outlook on both entities, which was positive prior to the CreditWatch listing, is now stable, the agency said.

At the same time, S&P said that the ratings were removed from CreditWatch, where they had been placed with negative implications on Oct. 3, after the CreditWatch listing of the Republic of Kazakhstan (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3).

The affirmation reflects that on KazTransGas's 100% parent, JSC NC KazMunayGas (BBB-/stable), which, despite the one-notch sovereign downgrade on Oct. 3, reflects the reduction to one notch from two of KazMunayGas's rating differential with the sovereign's local currency rating.

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