Moody's ups Zhaikmunai

Moody's Investors Service said it upgraded the corporate family rating and probability of default rating of Zhaikmunai LP to B2 from B3.

The outlook is stable.

"Today's rating action was prompted by a strong improvement in Zhaikmunai's operating and financial performance as a result of the deployment of stage I of its gas treatment facility project," Moody's vice president, senior analyst and lead analyst for Zhaikmunai Julia Pribytkova said in a news release.

"The launch of stage I of the project will allow the company to monetize its gas reserves and to process up to 1.7 billion cubic meters per annum of raw gas to produce stabilized condensate, liquid petroleum gas and dry gas."

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