LONDON (Standard&Poor's CreditWire) Dec. 22, 1999--Standard and Poor's today revised its outlook on JSC Kazakhstan Electricity Grid Operating Co.'s (JSC KEGOC) long-term local- and foreign-currency issuer credit ratings to stable from negative, in line with its revision today of the outlook on the Republic of Kazakhstan. At the same time, Standard&Poor's affirmed JSC KEGOC's single-'B'-plus long-term foreign-currency and double-'B'-minus long-term local-currency issuer credit ratings. The ratings on JSC KEGOC, the state-owned operator of the national transmission grid, reflect the supportive regulatory framework, the beneficial cost-plus tariff regime, and the company's monopoly position in Kazakhstan. The ratings also incorporate the difficulties of operating in a double-'B'-minus rated transition economy, which has suffered in the past from underinvestment
