Standard & Poor's (S&P) has reaffirmed the «BB+» rating of the Kazakhstan Electricity Grid Operating Company (KEGOC) with a stable outlook. According to S&P’s report, despite a significant investment programme, KEGOC has shown improvements in its performance metrics.
Following the rating review, S&P upgraded KEGOC's standalone credit profile (SACP) from «bb-» to «bb». The forecast reflects improvements in EBITDA and a strong cash flow from operations, ensuring KEGOC can meet its financial obligations comfortably.
As a noteworthy positive development S&P notes KEGOC's reduction of its US dollar-denominated debt from 72% in 2016 to less than 5% by 2023.