Standard & Poor’s has affirmed the long-term credit rating of Kazakhstan Electricity Grid Operating Company (KEGOC) at 'BB+' with a Stable outlook.
In the report published on May 2, 2025, Standard & Poor’s noted that the rating stability is supported by a favourable regulatory framework and a transparent tariff-setting methodology. The agency expects KEGOC’s EBITDA to grow even during the peak of its investment cycle.
At the same time, S&P maintains a conservative approach, as the current tariff methodology has not yet been tested for resilience against the high capital expenditures planned for 2026–2027.
S&P forecasts that KEGOC’s operating cash flows in 2025–2027 will cover a significant portion of its capital investment program, including the construction of new power grids in Western and Southern Kazakhstan. These projects are aimed at strengthening electricity flows between the country’s regions.
KEGOC’s liquidity is assessed as adequate—the company has sufficient cash reserves and undrawn credit facilities to finance its investments and does not have any significant short-term debt maturities.
Link to the rating agency’s commentary: https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3363262