Kazakhstan Electricity Grid Operating Co. (KEGOC) should continue to enjoy a wide level of support from the Kazakh government. We have received comfort that the Kazakh government, despite propping up domestic banks, will continue to be able to provide debt guarantees to KEGOC, as well as implementing supportive tariffs, and making direct injections to cover liquidity shortfalls. We are affirming our ratings on KEGOC and removing them from CreditWatch with negative implications. The stable outlook reflects the outlook on Kazakhstan. Due to the fact that the company is a provider of essential infrastructure services for the country, we believe that the Kazakh government is committed to provide ongoing and extraordinary support in the future. On Sept. 3, 2009, Standard&
