The rating reflects S&P view that there is a «high» likelihood that the company would receive timely and sufficient extraordinary government support in the event of need. Company’s credit quality is supported by its strong market and competitive positions, long-term contracts with oil producers and stable regulated cash flows from oil transportation.
Company’s core status within the KMG group and its strategic importance to the government of the Republic of Kazakhstan are underpinned, in the view of S&P, by the company’s role as the main oil pipeline network operator in the country.
