Moody's affirms Baa3 rating, outlook changed to stable

English

Almaty. 20 April. KazTAG – Moody's Investors Service has affirmed the senior unsecured debt rating of Kazakhstan Electricity Grid Operating Company (KEGOC) JSC at Baa3.

According to the announcement the rating has been changed to stable from negative. The change in the rating outlook reflects KEGOC’s strengthened financial profile in 2010 driven by the economic recovery, supportive tariff regulation and limited reduction of investments compared with 2009.

The stable rating outlook of the company reflects stable outlook of Kazakhstan sovereign rating and Moody’s expectation that KEGOC will by supported by the government.

KEGOC, being a part of Samruk-Kazyna National Welfare Fund carries out functions of the System Operator of Kazakhstan Unified Power System (UPS). The Company owns 24,500 km of 110-1150 kV transmission lines and 74 electric substations with an installed transformer capacity 33.6 GVA, comprising the National Power Grid (NPG).