Fitch can raise ratings of Kazakhoil and KazTransOil companies

/IRBIS, July 23, 01/ - According to REUTERS Moscow bureau, Fitch rating agency can raise non provided debt ratings owned by Kazakhoil and KazTransOil companies at level "BB-", companies' short term ratings are without changes at "B" level. The following is original information in English LONDON, July 23 (Fitch) - Fitch, the international rating agency, has placed the 'BB-' (BB-minus) International Foreign Currency Senior Unsecured Debt ratings of both NNK Kazakhoil and NTOC KazTransOil on Rating Watch Positive. The Short-term ratings are affirmed at 'B'. This action follows the upgrade of the Long-term sovereign foreign currency ratings of Kazakhstan to 'BB' from 'BB-' (BB-minus). Positive action on the sovereign rating followed continued high levels of external and internal investment in the oil and gas sector, crucial to both rated corporate entities, and material improvements in the mechanics and transparency of the country's National Oil Fund. The Kazakh Ministry of Energy and Mineral Resources, which manages the state's shareholding in both companies, has issued written undertakings of support for both Kazakhoil and KazTransOil. Direct discussions with the Kazakh government on the continuation of these support undertakings, and on the development of the National Oil Fund, will form a central part of the review process, as will a review of the latest developments in the oil and gas sector. Fitch analysts will be in Kazakhstan in mid-August, and anticipate to resolve the Watch status shortly thereafter.