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24

Standard & Poor's Rated Kazakh Oil Giant BBB-

Standard & Poor's Ratings Services assigned its 'BBB-' rating to the senior unsecured proposed notes to be issued by the financial vehicle

Standard & Poor's Ratings Services assigned its 'BBB-' rating to the senior unsecured proposed notes to be issued by the financial vehicle KazMunaiGaz Finance Sub B.V. and guaranteed by Kazakh state-owned oil and gas holding JSC NC KazMunaiGas.

The notes are issued under the $3 billion medium-term notes program. The exact amount and maturity of the current issue are to be determined at placement. The proceeds will likely be used for refinancing and general corporate purposes.

The rating on the proposed notes reflects the long-term corporate credit rating on KMG, because KMG has provided an unconditional and irrevocable guarantee.