Fitch rates Intergas bonds BB+

Fitch Ratings said it assigned a final BB+ rating to JSC Intergas Central Asia's $250 million senior unsecured eurobond due 2011 and an expected BB+ rating to its upcoming senior unsecured eurobond issue.

The agency also assigned BB+ foreign- and local-currency issuer default ratings and a B short-term foreign-currency rating to the company and BB foreign- and local-currency issuer default ratings and a B short-term foreign-currency rating to holding company KazTransGas.

The outlook is stable.

Intergas plans to use the proceeds from the upcoming bond issue to refinance the existing $400 million bridge facility and for other corporate purposes.

The agency said the ratings and outlook reflect the continued strategic importance of Intergas and KazTransGas to Kazakhstan's gas network transportation and distribution and Intergas' key role in the transportation of gas from Turkmenistan to Russia as Gazprom increases its reliance on natural gas imports from Central Asia to meet domestic and export demand.

The ratings also take into account an expected increase in financial leverage due to Intergas' sizeable investment projects, Fitch said.

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