On March 27, 2020, we revised the outlook on our 'BB' rating on KazMunayGas (KMG) to negative from stable. KazTransGas (KTG) and KazTransOil (KTO), both subsidiaries of KMG, have strategic importance to the wider KMG group, but neither are insulated from their parent's potential influence. We are therefore revising our outlooks on KTG and KTO to negative from stable and affirming our 'BB' ratings. The negative outlooks reflect that on the parent. MOSCOW (S&P Global Ratings) March 31, 2020—S&P Global Ratings today took the rating actions listed above. The rating actions follows the similar rating action on KTO and KTG's immediate parent, Kazakhstan-based oil and gas group KMG. Given KMG's control over both entities, influence on dividends, capital expenditure (capex), strategies, and decision-making, we do not think KTO and KTG are insulated from the parent and therefore do not expect to rate them above KMG. Outlook: KazTransGas The negat

Oil prices and refining margins are showing the combined impact of COVID-19 travel stoppages as well as unrestrained crude oil supply and price discounting. With E&P companies cutting their capex by 20%, we believe companies that supply to oil and gas producers now face a very challenging period. Refiners' performance will be impacted by collapsing demand for key oil products. Engineering and construction will remain an island of stability, but new contract awards may be delayed. We are therefore taking rating actions on six European oilfield service companies and two refiners. LONDON (S&P Global Ratings) March 31, 2020--S&P Global Ratings said today that it has taken rating actions on eight EMEA-based companies following the oil price collapse, as part of its global review of the oil and gas industry (see table 1). Table 1 Rating Actions On EMEA Oilfield Service Companies And Refiners Company New Rating Previous Rating Driver CGG B-/Stable/-- B/Stable/-