The credit rating Agency Standard & Poor’s (S&P) has downgraded the ratings of five Kazakh state-own companies, including KazMunayGas, which owns KMG International holding in Romania. The Kazakh state could register a weak economic growth this year, points out the agency.

Along with KazMunayGas, S&P has negatively adjusted the ratings of the KazTransGas, KazTransOil, Kazakhstan Temir Zholy and KEGOC companies, the national electricity system operator, but it decided to keep the rating of the energy holding company Samruk-Energy, profit.ro points out.

“We haven’t revised our estimates, regarding the likelihood of receiving a tremendous support from the Kazakh government, for these companies. The companies ratings reflects only the weaker ability of the state to provide such support,” according to the agency. However, S&P notes that the Kazakh government is likely to support the company in the event of financial difficulties.

KazMunayGas has over 84,000 employees worldwide. In Romania and 11 other European countries through KMG International, has businesses in refining, petrochemicals, distribution, trading, upstream and industrial services.