Moody's ups Intergas to Baa3

Moody's Investors Service said it upgraded the senior unsecured issuer rating of Intergas Central Asia to Baa3 from Ba1. The outlook remains positive.

Moody's said the upgrades reflected the refinancing of secured debt within Intergas' debt capital structure, which had previously caused subordination for unsecured creditors, and that the improved position of senior unsecured creditors is now reflected in the equalized ratings.

Moody's added that Intergas' ratings take account of the increasing strategic importance of this wholly state-owned company to Kazakhstan (sovereign rating Baa3, positive outlook). There are no plans to privatize Intergas and Moody's said it believes that the Kazakhstani government would support the group in case of need.

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