The international rating agency S&P Global Ratings raised issuer credit rating of «KazTransOil» JSC to «ВВ+» from «ВВ», outlook Negative. The upgrade was coupled by the agency raising the issuer credit rating for NC KazMunayGas JSC.
S&P raised the rating on KazMunayGas due to the consolidation of its Kashagan B.V. stake, which resulted in lower-than-expected leverage.
Since the group’s creditworthiness has increased to the «bb+» level, which is in line with «KazTransOil’s» stand-alone credit profile, S&P upgraded the company’s rating to «BB+».
The negative outlook of «KazTransOil» JSC mirrors the ratings forecast of its owner NC KazMunayGas JSC.
