On September 12, 2017 following the recent revise of the outlook on sovereign credit ratings of Republic of Kazakhstan to «Stable» from «Negative» and the affirmation of the ratings at «BBB-», S&P affirmed the ratings of five Kazakh companies with a «Negative» outlook. So S&P affirmed JSC NC KazMunayGaz’s long-term global scale rating at «BB» and the national scale rating at «kzA», including KTO’s rating affirmed at «BB» with a «Negative» outlook.
S&P assesses KTO's stand-alone credit profile at «bb+», and expresses a high likelihood of extraordinary support in the event of financial stress would come directly from the government, and considers a high strategic importance for its parent – KMG. S&P currently doesn’t factor into the rating uplift for potential government support, considering the relatively high stand-alone credit profile.
The «Negative» outlook on KTO reflects the outlook on the KMG, and according to S&P, the rating is capped at the level of the rating on KMG.
S&P would likely revise the outlook on KTO to «Stable» if the rating agency took a similar action on KMG.
Current rating of JSC KazTransOil is «BB».
Public Affairs and Internal Communication Service
