S&P Global Ratings affirmed 'BB+' rating for KEGOC and revised the outlook from 'stable' to 'negative' following a similar change in the outlook on the sovereign rating of the Republic of Kazakhstan.

S&P Global Ratings notes KEGOC's adequate liquidity that exceeds its funding needs by more than 1.5 times, which allows the company to meet its obligations without delays. The cash flows are stable and predictable and ensure the company's sustainable development and protection of its shareholders' interests.

Thus, the revision of the outlook from "stable" to "negative" is not due to changes in KEGOC's financial condition or its planned profits or dividend payments to shareholders.

KEGOC's long-term strategy is aimed at ensuring the reliable functioning of the energy system of Kazakhstan.

INFO:

KEGOC acts as the System Operator of the unified power system of the Republic of Kazakhstan and owns and operates the assets of the national power grid (NPG). The main operations are attributed to the sphere of natural monopoly. The company owns about 27,000 km of 220-1150 kV transmission lines and 82 electrical substations with an installed transformer capacity of 38.99 GVA, all of which make up the NPG. KEGOC employs over 4,400 people. For more detailed information about the company please refer to the corporate website: www.kegoc.kz .