Five Kazakhstan-Based Companies Downgraded After Sovereign Rating Action; Outlooks Negative

OVERVIEW On Feb. 17, 2016, we lowered our ratings on Kazakhstan to 'BBB-/A-3' and assigned a negative outlook. The transfer and convertibility assessment was revised to 'BBB-'. As a result, we have reviewed our ratings on six Kazakhstan-based companies that we consider to be government-related entities. We are consequently lowering our ratings on five companies, their subsidiaries, and related debt, and affirming our ratings on one company. The outlooks on all six companies are negative. MOSCOW (Standard&Poor's) Feb. 19, 2016--Standard&Poor's Ratings Services said today that it has taken various rating actions on Kazakhstan-based companies in the commodity exports, infrastructure, and utility sectors (see the ratings list at the end of this article). Specifically, we lowered to

...OVERVIEW + On Feb. 17, 2016, we lowered our ratings on Kazakhstan to '###-/A-3' and assigned a negative outlook. The transfer and convertibility assessment was revised to '###-'. + As a result, we have reviewed our ratings on six Kazakhstan-based companies that we consider to be government-related entities. + We are consequently lowering our ratings on five companies, their subsidiaries, and related debt, and affirming our ratings on one company. + The outlooks on all six companies are negative. MOSCOW (Standard & Poor's) Feb. 19, 2016--Standard & Poor's Ratings Services said today that it has taken various rating actions on Kazakhstan-based companies in the commodity exports, infrastructure, and utility sectors (see the ratings list at the end of this article). Specifically, we lowered to '##' from '##+' our long-term corporate credit ratings on Kazakhstan Electricity Grid Operating Co. JSC, KazMunayGas NC JSC, KazTransGas, KazTransOil, and Kazakhstan Temir Zholy. At the same time, we...

Ratings Action