Moody's changes to positive outlook of five Kazakhstani GRIs; affirms ratings

English

Rating Action: Moody's changes to positive outlook of five Kazakhstani GRIs; affirms ratings

Follows Kazakhstan's sovereign rating affirmation at Baa3 and change of outlook to positive from stable

London, 22 August 2019 -- Moody's Investors Service ("Moody's") has today changed to positive from stable the outlook of five Kazakhstani government-related issuers (GRIs) -- in the oil and gas, and utilities sectors.Concurrently, Moody's has affirmed all these GRIs' ratings. KazMunayGas NC JSC's (KMG), JSC KazTransGas's (KTG) and Intergas Central Asia's (ICA) baseline credit assessments (BCAs) have been upgraded all by one notch. JSC KazTransOil's (KTO) and Kazakhstan Electricity Grid Operating Company's (KEGOC) BCAs have been affirmed. For all affected GRIs, their support and dependence assumptions remain unchanged as a result of this rating action.

Today's rating actions follow a sovereign rating action on the government of Kazakhstan which took place on 22 August 2019, during which Moody's affirmed the government of Kazakhstan's long-term issuer and senior unsecured debt ratings at Baa3 and changed the outlook to positive from stable. For additional information, please refer to the related announcement https://www.moodys.com/research/--PR_402812