Moody's Investors Service has affirmed KEGOC's rating at Baa2, with the outlook remaining positive and in line with the rating of the Government of Kazakhstan (Baa2 positive).

Also in January this year, following the publication of the updated Moody's methodology for government-related issuers (GRI), the rating agency assigned KEGOC a BCA rating (basic credit assessment) of Baa3.

KEGOC's ratings take into account the moderate dependence on default between KEGOC and the government of Kazakhstan, as well as the high probability of support from the company's major shareholder.

The BCA rating also reflects KEGOC's monopoly position as the owner and operator of the national electricity infrastructure in Kazakhstan, while its strong financial profile is driven by a relatively favourable tariff setting mechanism, historically conservative financial policy and flexible investment programme. In addition, Moody's believes that the new market model introduced in July 2023 will further strengthen the company's market position and increase KEGOC's revenues.

Moody's press release https://www.moodys.com/research/Moodys-affirms-the-ratings-of-six-Kazakhstani-corporates-and-assigns-Rating-Action--PR_485541