Moody's ups Intergas to Baa1

Moody's Investor's Service said it upgraded Russia-based Intergas Central Asia's foreign-currency issuer default rating and $250 million backed senior unsecured notes to Baa1 from Baa2.

The outlook is stable.

The upgrade was driven by the company's strengthened financial profile and reflects Intergas' monopoly position in gas transmission within Kazakhstan for international transit, export and domestic supply under a long-term concession agreement, Moody's said. The company also has a strong geographical position integrated within the former Soviet Union gas network linking a region of increasing gas production in the Eastern Caspian and gas-rich Turkmenistan with Russia and the growing gas markets in Europe, the agency added.

However, the ratings remain constrained by the company's heavy investment needs to maintain and increase the capacity of its aging gas pipeline system and its dependence on an anticipated material increase in the volume of gas being exported from Turkmenistan via Kazakhstan to Russia, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.