Fitch Ratings changes National Company KazMunayGaz's outlook to negative, affirms at "BBB"

/Fitch Ratings, London/Moscow, December 18, 07/ - Fitch Ratings has today changed the Outlook for National Company KazMunaiGaz's (NC KMG) Long-term foreign and local currency Issuer Default ratings (IDR) to Negative from Stable. In addition, Fitch has affirmed NC KMG's ratings at Long-term foreign and local currency IDRs 'BBB' and Short-term IDR 'F3'. This action follows the change in the Outlook for the Republic of Kazakhstan's 'BBB' Long-term IDR to Negative from Stable. NC KMG's ratings are aligned with those of Kazakhstan due to its strong ties with the government since it represents the state's interests in Kazakh oil and gas industry. NC KMG is a national oil and gas holding company in Kazakhstan, the second-largest oil producing country in the former Soviet Union. NC KMG is a wholly state-owned enterprise with operations in upstream oil and gas exploration and production, oil refining, and oil and gas transportation and distribution. For further details on the entity and its ratings, please see the 7 December 2007 Credit Analysis on the group, available at www.fitchratings.com Contacts: Angelina Valavina, London, tel.: +44 20 7682 7383 Valentina Goryunova, Moscow, tel.: +7 495 956 7096 Contacts for mass media: Alla Izmaylova, Moscow, tel.: + 7 495 956 9901/9903, alla.izmailova@fitchratings.com [2007-12-19]