Fitch lifts KazTransGas

Fitch Ratings said it upgraded KazTransGas's long-term foreign- and local-currency issuer default ratings to BB+ from BB and affirmed its short-term issuer default rating at B.

The agency also said it affirmed JSC Intergas Central Asia's long-term foreign- and local-currency issuer default ratings at BB+, senior unsecured rating at BB+ and short-term issuer default rating at B.

Intergas Finance BV's senior unsecured issues also were affirmed at BB+.

The outlook is stable.

The upgrades reflect the company's diminishing structural subordination through diversification of the group's operations into gas sales, Fitch said, as well as an improvement of its financial profile.

The agency said it expects the company's business profile to be enhanced by the government's plans to transform it into the national gas operator, enabling the company to purchase gas from domestic gas producers and sell it on the local market and for export.

That allows it to capitalize on attractive economics of export sales, Fitch said.

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