KMG’s credit ratings

KMG intends to maintain investment-grade credit ratings and a strong credit profile, and to support its business image as a reliable borrower. In 2022, the Company’s financial stability measures, including the share buyback in KMG Kashagan B.V. from Samruk-Kazyna, helped KMG retain its credit ratings.

Change in KMG’s ratings

  • On 28 January 2021, following the revision of its risk assessment for the oil and gas exploration, production and refining sector, S&P affirmed KMG’s credit ratings at BB with a negative outlook.
  • On 30 April 2021, S&P Global Ratings affirmed KMG’s credit rating at BB with a negative outlook.
  • On 12 August 2021, Moody’s revised KMG’s credit rating upwards from Baa3 to Baa2 due to an upgrade of Kazakhstan’s sovereign rating. The rating outlook was changed from positive to stable.
  • On 20 September 2021, Fitch Ratings affirmed KMG’s long-term issuer default rating at BBB- (one notch below the sovereign rating) with a stable outlook.
  • On 27 September 2022, Standard & Poor’s upgraded the Company’s rating to BB+, with a negative outlook, after the Company had exercised a call option to buy back a stake in KMG Kashagan B.V. from Samruk-Kazyna.
  • On 9 March 2023, Standard & Poor’s affirmed the Company’s rating at BB+, and revised outlook from negative to stable reflecting the agency’s rating action on Kazakhstan (the rating being affirmed at BBB-, with outlook revised from negative to stable).
KMG’s credit ratings
Moody’s S&P Fitch
Baa1 BBB+ BBB+
Baa2 (Stable) BBB BBB
Baa3 BBB- BBB- (Stable)
Ba1 BB+ (Stable) BB+
Ba3 BB- BB-
Kazakhstan’s sovereign ratings
Moody’s S&P Fitch
Baa2 (Stable) BBB- BBB (Stable)