CFO financial review

Dauren Karabayev
Deputy Chairman of the Management Board –
CFO of KMG

KMG credit ratings

In 2018-2019 KMG's financial performance improvement was translated into higher ratings of the Company's stand-alone credit profile (SACP), from Fitch, Moody's and S&P:

• In November 2018, S&P Global Ratings upgraded its rating on KMG from BB-/kzA to BB/kzA+ with stable outlook and upgraded KMG's stand-alone credit profile to b+;
• On 28 March 2019, international rating agency Fitch confirmed its rating at the level “BBB-/Forecast stable”, while increasing the individual rating (stand-alone credit profile) from b to bb-;
• On 22 August 2019 rating agency Moody’s affirmed KMG’s long-term rating at Baa3 with the outlook changed from “stable” to “positive”, whereas the standalone rating of KMG has been upgraded from Ba3 to Ba2;
• On 27 March 2020, Fitch affirmed its rating at the level “BBB-” with a Stable Outlook;
• On 27 March 2020, S&P affirmed its "BB" rating and revised its outlook on KMG to "negative" on the back of lower oil prices.