On April 29, 2008, Standard&Poor's Ratings Services revised its outlook on Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC), Kazakhstan's state-owned transmission grid operator, to negative from stable. At the same time, the 'BB+' long-term corporate credit rating was affirmed. The outlook revision follows the revision of the outlook on the Republic of Kazakhstan (foreign currency BBB-/Negative/A-3; local currency BBB/Negative/A-3'; Kazakhstan national scale rating 'kzAAA') to negative from stable on April 29, 2008. The rating on KEGOC is based on a top-down approach. Because of KEGOC's strategic importance to Kazakhstan, the rating is two notches below the local currency rating on the sovereign. The rating on KEGOC is constrained by the company's aggressive financial policy, large grid investment program
