Moody's rates Intergas note Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to Intergas Finance BV's proposed notes issue, which will be guaranteed by JSC Intergas Central Asia.

The outlook is stable.

The proceeds from the notes will be on-lent by Intergas Finance to Intergas to repay a bridge facility spent on capital expenditures relating to the enhancement of throughput capacity of the Central Asian Centre Pipeline. The remainder will be used for general corporate purposes.

The agency said the rating reflects Intergas' high implied support from the state due to its strategic importance and the importance of energy export revenues to the economy of Kazakhstan; its low dependence due to its vital role in the transport of Central Asian gas to Gazprom and ultimately to Western Europe, from which it derives the bulk of its revenues; and its low dependence due to its strategic position from which it is able to earn significant export revenues, delinking its financial performance from that of the Kazakhstan government.

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