TEXT-S&P summary: JSC KazMunaiGas Exploration Production

Tue Nov 13, 2012 4:13am EST

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(The following statement was released by the rating agency)

Nov 13 -

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Summary analysis -- JSC KazMunaiGas Exploration Production -------- 13-Nov-2012

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CREDIT RATING: BBB-/Stable/-- Country: Kazakhstan

Primary SIC: Oil and gas

exploration

services

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Credit Rating History:

Local currency Foreign currency

08-Dec-2011 BBB-/-- BBB-/--

01-Oct-2007 BB+/-- BB+/--

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Rationale

The rating on Kazakhstan-based oil and gas company JSC KazMunaiGas Exploration Production (KMGEP) reflects Standard & Poor's Ratings Services' assessment of the company's stand-alone credit profile (SACP) at 'bb+' and our view of the "high" likelihood of timely and sufficient extraordinary government support. The rating is constrained by the rating on the company's 65% parent, JSC NC KazMunayGas (KMG; BBB-/Stable/--; Kazakhstan national scale 'kzAA'). We view the KMG group as well integrated and therefore don't see KMGEP as fully insulated from the parent's influence.

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