According to S&P the outlooks on the following government-related entities revised to Negative: Samruk-Kazyna, Development Bank of Kazakhstan, JSC DAMU Entrepreneurship Development Fund, JSC KazAgro National Management Holding, JSC NC KazMunayGas, JSC KazMunaiGas Exploration Production, JSC KazTransOil (hereinafter – KTO).
S&P explained that the outlook revisions followed by recent revision of outlook on the Republic of Kazakhstan to Negative from Stable.
S&P anticipates that as long as KTO remains a «strategically important» entity of the KMG group, the rating on the company, which is capped by that of the parent, is moving in line with the rating of KMG. In addition, rating of KTO reflects the expectations of S&P regarding a high likelihood of timely and sufficient extraordinary state support.
Credit rating of KTO is «BBB-», outlook Negative.
