OREANDA-NEWS. November 28, 2012. Fitch Ratings has upgraded KazMunaiGaz National Company's (NC KMG) Long-term foreign currency Issuer Default Rating (IDR) to 'BBB' with a Stable Outlook.

Fitch has also upgraded KazMunaiGaz Finance Sub B.V.'s foreign currency senior unsecured rating to 'BBB'. A full list of rating actions is at the end of this release.

The rating actions reflect the agency's upgrade of Kazakhstan's Long-term foreign and local currency IDRs to 'BBB+' from 'BBB' and 'A-' from 'BBB+', respectively, on 20 November 2012. The Outlooks on Kazakhstan's Long-term foreign and local currency IDRs are Stable (for further information, see 'Fitch Upgrades Kazakhstan to 'BBB+'; Outlook Stable', at www.fitchratings.com.)

The rating actions are as follows:

NC KMG

Long-term foreign currency IDR: upgraded to 'BBB'; Outlook Stable

Long-term local currency IDR: upgraded to 'BBB+'; Outlook Stable

Short-term foreign currency IDR: affirmed at 'F3'

Local currency senior unsecured rating: upgraded to 'BBB+'

KazMunaiGaz Finance Sub B.V.

Foreign currency senior unsecured rating: upgraded to 'BBB'

JSC “National Company “KazMunaiGaz” is Kazakhstan’s national operator for exploration, production, refining and transportation of hydrocarbons, representing the interests of the state in Kazakhstan’s petroleum sector. 100 percent of the shares of JSC NC “KazMunaiGaz” are owned by JSC "National Welfare Fund "Samruk-Kazyna”.