Fitch upgrades KazTransGas

Fitch Ratings said it upgraded the long-term issuer default ratings to BBB- from BB+ on KazTransGas JSC and its fully-owned subsidiaries, Intergas Central Asia JSC and KazTransGas Aimak JSC.

The outlook is stable.

The upgrades reflect a reassessment of the group's linkage with its state-owned parent JSC National Co. KazMunayGas, Fitch said.

The group's ratings are now notched down by one level from that of its parent, reflecting their close linkage, but also limited legal ties between the two, the agency said.

The ratings reflect the company's position as the operator of the Kazakh gas pipeline network, the only transit route for central Asian gas to Russia and Europe, Fitch said.

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