Moody’s lowers KazMunayGas, subsidiaries to stable

Moody’s Investors Service said it affirmed the Baa3 issuer ratings KazMunayGas NC JSC and its direct and indirect subsidiaries, JSC KazTransGas, Intergas Central Asia and JSC KazTransOil.

Moody’s also said it changed the outlook on the ratings to stable from positive.

The action follows a similar sovereign action on Kazakhstan, Moody’s said.

The affirmation of the issuer ratings of the four companies reflects a view that the companies will continue to benefit from high levels of support from the government, despite expectations of subdued domestic market growth, the agency said.

The stable outlook considers that the linkages between the companies and the government remain strong with no evidence of decline in the government’s willingness or ability to provide support in the event of distress, Moody’s said.

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