AKIPRESS.COM - Fitch Ratings has affirmed JSC National Company KazMunayGas's (NC KMG) Long-term foreign currency Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook. Fitch has also affirmed KazMunaiGaz Finance Sub B.V.'s foreign currency senior unsecured rating at 'BBB', Trend reported.

Wholly state-owned NC KMG is a holding company for Kazakhstan's (BBB+/Stable) interests in the oil & gas sector, including upstream, transportation and refining operations. Its ratings are notched down one notch from the sovereign's.

"The rating approach is based on our expectation that the state will provide sufficient and timely tangible support to the group when needed. We view the proposed purchase of part of NC KMG's stake in Kashagan by its parent, JSC Sovereign Wealth Fund Samruk-Kazyna (BBB+/Stable), as a clear reflection of this support," Fitch said.

However, the current weak credit metrics, if sustained, would point to a 'B' range standalone credit profile, compared with the historical assessment of NC KMG's standalone profile as in the 'BB' range.

NC KMG has earlier announced its intention to sell half of KMG Kashagan B.V., which holds 16.88% stake in Kashagan, to Samruk-Kazyna, its immediate parent, for around $4.7 bln in cash and to use the cash proceeds to repay a portion of its debt.