Press releases

Fitch upgraded KEGOC's rating to "BBB"; outlook Stable

On 01 February 2024, Fitch Ratings upgraded the long-term ratings of KEGOC to "BBB" from "BBB-" with a Stable outlook, which corresponds to the level of the sovereign rating of Kazakhstan, confirmed by Fitch Ratings.

The revision of KEGOC rating is due to the strengthening of the Company's financial profile and the improvement of the regulatory framework after the market reform introduced in July 2023. The establishment of a single buyer of electricity and the introduction of a real-time balancing market shall also boost revenues and reduce expenses.

Among the strengths of the company, Fitch Ratings notes KEGOC’s monopoly position, long-term tariff approval, a stable financial profile, and a large size of the company compared to Kazakhstani peers.

By 2029 electricity production is expected to increase to 146 billion kWh from 118 billion kWh in 2023, or by 24%, due to the commissioning of new generation, fuelling an increase in the services provided by the company.

According to the preliminary results of 2023, KEGOC received a net profit of KZT 42.7 billion, which is KZT 15.9 billion or 60% higher than the same in 2022 (KZT 26.7 billion).

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