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Various rating actions taken on Kazakhstan-based corporations following sovereign outlook revision

13.09.2017 Almaty. September 13. KazTAG -S&P Global Ratings  took  various rating actions on a number of Kazakhstan-based corporations.
The agency has revised the outlooks to stable from negative on: Oil producer Tengizchevroil LLP (TCO), and affirmed the 'BBB' ratings. Kazakhstan Electricity Grid Operating Co. (KEGOC), and affirmed the 'BB' ratings.
Railway operator Kazakhstan Temir Zholy (KTZ) and its core subsidiary JSC Kaztemirtrans, and affirmed the 'BB-' long-term global scale and 'kzBBB+' national scale ratings.
In addition, the agency affirmed its 'BB' long-term global scale rating and 'kzA'  national scale rating on oil company KazMunayGas (KMG). The outlook remains  negative. It has also affirmed our 'BB' rating on KMG's core subsidiary KazMunaiGas Exploration Production JSC. The outlook is still negative.
Furthermore, the agency has affirmed 'BB' long-term ratings on gas utility Company KazTransGas (KTG) and its core subsidiary Intergas Central Asia JSC.
The outlooks remain negative. The agency has also affirmed our 'BB' rating on pipeline operator KazTransOil. The outlook is still negative.
"These rating actions follow our recent outlook revision on the Republic of Kazakhstan. We consider that Kazakhstan's monetary policy flexibility has  become less constrained following the sharp decline in resident deposit dollarization in the economy. This has prompted us to review our analyses of
the aforementioned companies in Kazakhstan's commodity export, infrastructure, and utility sector," said the agency.