KMG’s credit ratings

KMG intends to maintain investment‑grade credit ratings and a strong credit profile, and to support its business image as a reliable borrower. In 2023, the Company’s financial stability measures helped KMG improve its credit ratings.

Change in KMG’s ratings

On 9 March 2023, Standard & Poor’s confirmed the Company’s rating at BB+, and revised outlook to stable reflecting the agency’s rating action on Kazakhstan (the rating being confirmed at BBB‑, with outlook revised to stable).
On 3 May 2023, S&P updated the likelihood of government support from high to very high without changing the Company’s rating.
Fitch Ratings upgraded KMG’s credit rating on 22 June 2023 from BBB‑ to BBB with a stable outlook, following an upgrade in its standalone credit profile. This rating aligns with the sovereign rating of the Republic of Kazakhstan.
On 13 December 2023, Moody’s confirmed KMG’s Baa2 rating, but revised the outlook to positive indicating confidence in the Company’s sustained standalone credit profile. This rating aligns with the sovereign rating of the Republic of Kazakhstan.
On 26 December 2023, S&P confirmed KMG’s BB+ rating, while upgrading its standalone credit profile from BB‑ to BB.

KMG’s credit ratings

Moody’s	S&P	Fitch
Baa1	BBB+	BBB+
Baa2 (Positive)	BBB	BBB (Stable)
Baa3	BBB−	BBB−
Investment grade
Ba1	BB+ (Stable)	BB+
Ba2	BB	BB
Ba3	BB−	BB−

Kazakhstan’s sovereign ratings

Moody’s	S&P	Fitch
Baa2 (Positive)	BBB– (Stable)	BBB (Stable)