MOSCOW (Standard&Poor's) Nov. 3, 2003--Standard&Poor's Ratings Services said today it raised its long-term corporate credit rating on Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC) to 'BB+' from 'BB'. The outlook is stable. The rating action follows a full-scale review of the company following the upgrade of the Republic of Kazakhstan (foreign currency BB+/Stable/B; local currency BBB-/Stable/A-3) on May 28, 2003. The rating on KEGOC, the fully state-owned monopoly operator of the Republic of Kazakhstan's high-voltage electricity transmission grid, reflects the business risks associated with its relatively high concentration of generators and consumers in the electricity sector of Kazakhstan, its aggressive financial policy, and the expected deterioration of its financial flexibility from 2004-2005, when it starts to
