Credit ratings of JSC "KEGOC"

Fitch upgrades kazakhstan's kegoc to 'BBB' outlook positive

Fitch Ratings, London/Moscow, 21 November 2011: Fitch Ratings has upgraded the ratings of Kazakhstan Electricity Grid Operating Company (KEGOC) as follows: the long-term Issuer Default Rating (IDR) in foreign currency increases from ‘BBB-‘ to ‘BBB’, the long-term IDR in local currency increases from ‘BBB’ to ‘BBB+’, and the short-term foreign currency IDR is confirmed as ‘F3’. The outlook for the long-term IDRs is positive.

The rating action is a regular review of KEGOC’s rating, and it reflects Fitch updates issued on 21 November 2011 with respect to the long-term IDR of Kazakhstan in foreign and local currency: from ‘BBB-’ and ‘BBB’ to ‘BBB’ and ‘BBB +’ respectively. The agency maintained a positive outlook on the long-term IDR of Kazakhstan.
  (additional information is available at www.fitchratings.com).

Moody's affirms Baa3 rating, outlook changed to stable

 2011 20 April. 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 GAMMA Score Raised to GAMMA-5+ from GAMMA-5

Fitch Ratings, London, 22 December 2010

Fitch Ratings has affirmed KEGOC JSC long-term foreign currency Issuer Default Rating (IDR) at 'BBB-', the outlook revised to Positive from Stable.
Long-term local currency IDR has been affirmed at 'BBB', the outlook revised to Positive from Stable.
Short-term foreign currency IDR has been affirmed at 'F3'.
KEGOC's ratings continue to be aligned with the sovereign's given the state guarantees for a large part of its debt (56%). KEGOC is under complete state control, and enjoys strong state support due to the strategic nature of Kazakhstan's national electricity transmission networks system.

15 March 2010   KEGOC is assigned GAMMA 5 rating 

The System Operator of National Power Grid, Kazakhstan Electricity Grid Operating Company JSC, has been assigned GAMMA-5 rating («Governance Accountability, Management, Metrics and Analysis»). Standard & Poor’s Corporate Governance Rating Service made the respective decision on 15 March 2010.

GAMMA rating provides the more integral assessment of corporate governance structure and practice, owing to the improved methodology including two new elements of corporate governance analysis: enterprise risk management system and strategic planning process.

You will find the more detailed information on the website www.standardandpoors.ru

Standard & Poor’s, Moscow, 3 September 2009.

Rating agency Standard & Poor’s confirmed long-term credit rating “ВВ+" for JSC “Kazakhstan Electricity Grid Operating Company” (KEGOC JSC) —state operator of power grid of the Republic of Kazakhstan (foreign currency liabilities rating ВВВ-/Stable/А-3; national currency liabilities ВВВ/Stable/А-3; national scale rating “kzAAA”). Forecast — Stable.

Moody’s Investors Service, Moscow, 7 July 2009.

International rating agency Moody"s Investors Service finished review of ratings for ten out of eleven companies where the state is involved in their management. KEGOC rating was downgraded to Ваа3, forecast “Negative”. On 15 June 2009 ratings were placed into the lists of possible downgrade because of concerns that pressure on national economy, in particular in financial sector, is likely to make the Government support state-owned companies in a more discriminative way, which, as expected, will soon need significant capital investments.

History of credit ratings