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TEXT-Fitch release on KazMunaiGaz Finance Sub B.V. notes
(The following statement was released by the ratings agency)
July 8 - Fitch Ratings has today assigned KazMunaiGaz Finance Sub B.V.'s (KMG Finance Sub B.V.) USD1.4bn notes due 2013 with a coupon of 8.375% and USD1.6bn notes due 2018 with a coupon of 9.125% final 'BBB' ratings. The notes are issued under KMG Finance Sub B.V.'s USD3bn note programme, which Fitch also rates final 'BBB'.
KazMunaiGaz National Company (NC KMG; 'BBB'/Negative) is the guarantor of the note issues. KMG Finance Sub B.V., a private company with limited liability incorporated in the Netherlands, issues notes and lends the proceeds to NC KMG. The proceeds from the note issues will be used to finance the capital expenditure programme for the Kashagan project and general corporate purposes.
NC KMG is a wholly state-owned enterprise with operations in upstream, midstream and downstream businesses. The company represents the Kazakh government's interests in the oil and gas sector in Kazakhstan, which is a key driver of the country's economy.
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