Fitch Ratings has affirmed the long-term credit rating of Kazakhstan Electricity Grid Operating Company JSC (KEGOC) at “BBB” with a “Stable” outlook. This rating is in line with the sovereign rating of the Republic of Kazakhstan.
In its report published on January 28, 2025, Fitch Ratings highlights the improvement in KEGOC’s financial profile, driven by the regulatory reforms and changes in the legal framework that came into effect in June 2023. As part of the reform, the energy market was fully centralized, enabling the company to provide electricity transmission and national grid usage services to all consumers.
Given the increase in consumption in the Republic of Kazakhstan, Fitch forecasts growth in electricity transmission volumes and use of national grid from 2025 to 2028, leading to a corresponding increase in the company’s profitability.
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