S&P gives Intergas notes BB

Standard & Poor's said it assigned its BB senior unsecured debt rating to the proposed notes to be issued in the amount of up to $600 million by Intergas Finance BV, the financing vehicle of the KazTransGas group (BB/positive), in turn the holding company of the guarantor of the notes, JSC Intergas Central Asia (BB/positive).

"The rating on the proposed notes issue mirrors that on Intergas Central Asia, reflecting its unconditional and irrevocable guarantee," said S&P credit analyst Eugene Korovin.

The agency said that the ratings on Intergas Central Asia and its holding company, KazTransGas, are constrained by the group's very aggressive financial profile, ambitious growth strategy in gas transmission and distribution and the power sector.

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