Strong ongoing and potential extraordinary support from the Republic of Kazakhstan. Monopoly position in the stable and low-operating-risk electricity transmission business. Generally supportive cost-cover tariff-setting regime. Aggressive financial policy. Large grid investment program involving significant construction risk. High exposure to foreign currency and floating interest-rate risks. Relatively weak power sector characteristics in Kazakhstan. The ratings on Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC), Kazakhstan's state-owned transmission grid operator, reflect Standard&Poor's Ratings Services' expectations that KEGOC is likely to continue receiving government support. Furthermore, we believe that the likelihood of timely and sufficient extraordinary government support is "very high". Our opinion is based on our assessment of KEGOC's "very important" role in Kazakhstan's economy, as a provider of core
