▲ Up
 
21:00 02-03-2015
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
KazMunayGas's S&P rating unaffected by potential full acquisition of KMG EP

Bishkek (AKIpress) - aaf477fffa47e38537afe7f5ee1b6eba Standard & Poor's Ratings Services said July 30 that its ratings on Kazakh oil company KazMunayGas NC JSC and KazMunaiGas Exploration Production JSC are unchanged following the preliminary approach by KMG to the independent directors of its 63%-owned subsidiary KMGEP about a possible offer to acquire the remaining outstanding shares in KMGEP.

"We understand that this is only a preliminary approach; KMG has not made a final offer. If the deal proceeds and the acquisition is adequately refinanced, we expect that the transaction would not affect our current ratings on KMG and KMGEP. KMG's interest in fully acquiring KMGEP supports our view of KMGEP as a core subsidiary of KMG, a government-controlled vertically integrated oil company"

"As per our methodology, our rating on KMGEP is equalized with the rating on the parent. Our rating on KMG continues to reflect our expectation of an "extremely high" likelihood of timely and sufficient extraordinary government support from Kazakhstan. Should the transaction proceed, we currently anticipate that it would not affect KMG's stand-alone credit profile, which we currently assess at 'b+'"

"Although the offer may increase short-term liquidity needs at the parent level, we project that liquidity and leverage would remain manageable. At this stage, KMG has indicated an offer price of about $2.8 billion for all the outstanding shares. This may increase KMG's gross debt at least temporarily, but the impact is offset by access to large cash balances at KMGEP of $4.15 billion and essentially no debt as of March 31, 2014"

"Currently, we don't net this cash from KMG's debt, because it is at the subsidiary level and not directly accessible for the parent. Under Standard & Poor's policies, only a Rating Committee can determine a Credit Rating Action (including a Credit Rating change, affirmation or withdrawal, Rating Outlook change, or CreditWatch action). This commentary and its subject matter have not been the subject of Rating Committee action and should not be interpreted as a change to, or affirmation of, a Credit Rating or Rating Outlook."


Twitterfacebookprint
15:36 31.07.2014
LATEST NEWS
18:19 Head of Kyrgyzpochtasy Batken branch kills employee18:00 Education Ministry most corrupt body – MP Kalmatov17:29 Kazakhstan, Iran naval forces to strengthen cooperation17:19 Bishkek students to hold flashmob dedicated to state flag day16:53 6,000 have died in eastern Ukraine in less than a year, UN says16:47 President of Uzbekistan approves enhanced cooperation deal with Russia16:32 Fair count of votes in Tajikistan parliament elections could not be guaranteed: OSCE16:30 Uzbekistan attracts German investments worth $2.8 billion16:12 Native of Kyrgyzstan Shevchenko wins ММА Legacy Fighting Championship in the U.S.15:52 5 medical institutions to receive medical equipment from Japanese Government15:47 Parliamentary committee approves additional funding of Bishkek-Naryn-Torugart project worth $15.1 million15:42 Thailand interested in increasing Thai tourists flow to Kazakhstan15:41 Central library in Bishkek honors 90th anniversary of Women's Movement of Kyrgyzstan15:38 Bishkek hosts Night Landscape workshop on scratchboard painting technique15:31 Research shows that every 6th 14yo girl has sex life, Raisa Atambayeva says15:19 2 women detained in Osh for opening casino15:14 Berdimuhamedov to visit Turkey for signing package of deals15:12 Astana invites ODIHR, OSCE PA to observe early president elections15:10 Сhampionship on mini-football among women teams starts in Bishkek15:01 3,000 people refuse to receive vaccination against measles due to religious beliefs in Chui region
Astana
-3° C
Ashgabat
+13° C
Bishkek
+8° C
Dushanbe
+10° C
Tashkent
+11° C
exchange rates
 
68.74
61.29
9.78
1.00
207.61
185.05
29.52
3.03
6.14
5.44
0.87
0.09
2774.81
2448.16
391.76
37.07
3.92
3.50
0.56
0.06

© AKIpress News Agency - 2001-2015. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to www.akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75