Fitch has stopped watching Kazakhoil after absorption

/REUTERS, London, August 26, 02/ - International rating agency Fitch excluded state oil company Kazakhoil from the number of issuers, to which it gives credit ratings, at the company's instance. ON August 23 Fitch conformed Kazakhoil's senior unsecured rating on "ВВ" level ans at the same time stopped the further watching the company, says the agency's message. According to the information of Fitch, on July 15 of 2002 Kazakhoil jointly with Transneftegas holding stopped their existence as independent juridical entity and became a part of the state company Kazmunaigas, which was created in the beginning of this year. Senior unsecured rating of Kaztransoil company, 100% shares of which belonged to Transneftegas holding, was increased by Fitch on August 22 up to "ВВ" from "ВВ-". Below is the message of the rating agency in English: "Fitch Ratings, the international rating agency, affirms the 'BB' Senior Unsecured rating, of CJSC National Oil and Gas Company Kazakhoil ("KZO") and simultaneously withdraws the rating. The rating had been put on Rating Watch Negative following a merger between KZO and the integrated pipeline and oil services group TransNefteGas ("TNG"), announced on 22 February 2002. KZO and TNG ceased to exist as independent legal entities when the merger was completed on 15 July 2002, and KazMunaiGas was established. The ratings withdrawal was at the request of the company and Fitch will no longer provide analytical services or coverage of this company". [2002-08-26]