Kazakhstan Electricity Grid Operating Co. Outlook To Positive On Tariff Increases; 'BB+' Rating Affirmed

We anticipate the financial metrics of Kazakhstan-based state-owned electricity transmission monopoly KEGOC might improve in 2015 on the back of tariff uplifts, resulting in a stronger financial risk profile. We continue to consider KEGOC a government-related entity with a very high likelihood of receiving full and timely extraordinary financial support from the state. We are therefore revising our outlook on KEGOC to positive from stable, and affirming our 'BB+' rating. The positive outlook indicates that we could upgrade the ratings within the next 12 months if we believe that KEGOC's debt to EBITDA will decline below 4.0x and funds from operations to debt will be above 20% on a sustainable basis. MOSCOW (Standard&Poor's) Nov. 7, 2014--Standard&Poor's

...We anticipate the financial metrics of Kazakhstan-based state-owned electricity + transmission monopoly KEGOC might improve in 2015 on the back of tariff uplifts, resulting in a stronger financial risk profile. We continue to consider KEGOC a government-related entity with a very high + likelihood of receiving full and timely extraordinary financial support from the state. We are therefore revising our outlook on KEGOC to positive from stable, and + affirming our '##+' rating. The positive outlook indicates that we could upgrade the ratings within the next + 12 months if we believe that KEGOC's debt to EBITDA will decline below 4.0x and funds from operations to debt will be above 20% on a sustainable basis. MOSCOW (Standard & Poor's) Nov. 7, 2014--Standard & Poor's Ratings Services said today that it has revised its outlook on Kazakhstan-based state-owned electricity transmission monopoly Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC) to positive from stable. At the same time,...

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