MOSCOW (Standard&Poor's) Dec. 10, 2008--Standard&Poor's Ratings Services said today that it had affirmed its 'BB+' rating on the unsecured debt issued by Kazakhstan's state-owned transmission grid operator Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC; BB+/Negative/--). At the same time, a recovery rating of '4' has been assigned to the unsecured €255 million bank loan from the European Bank for Reconstruction and Development(EBRD), indicating our expectation of average (30%-50%) recovery for the lending bank in the event of a payment default. In a default scenario, recovery prospects for the loan are likely to be heavily determined by the ability and willingness of the Kazakhstan government to negotiate with the EBRD. The recovery rating of '4' reflects our
