In our view, there's a "very high" likelihood that Kazakhstan Electricity Grid Operating Co. (KEGOC) would receive timely and sufficient extraordinary support from its ultimate owner, the Kazakh government, if necessary. We consider that KEGOC's financial risk profile has improved to "significant" from "aggressive," leading to a stand-alone credit profile at 'b+'. We are affirming our 'BB+' rating on KEGOC. The negative outlook on KEGOC mirrors that on Kazakhstan and reflects that we could lower our ratings on the company if we lowered the sovereign credit ratings. On Nov. 18, 2015, Standard&Poor's Ratings Services affirmed its 'BB+' long-term corporate credit rating on Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC). The outlook remains negative. At the same time, we
