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).