On Sept. 2, 2022, we revised our outlook on Kazakhstan to negative from stable due to growing vulnerability to oil export disruptions and rising government debt servicing requirements on the back of rising interest rates. We consider Kazakhstan Electricity Grid Operating Company's (KEGOC) creditworthiness to be closely tied to the sovereign and government of Kazahstan's creditworthiness. We therefore revised our outlook on KEGOC to negative from stable and affirmed our 'BB+' long-term issuer credit rating and 'BB+' long-term issue rating on the company's senior unsecured loans. The negative outlook reflects that on Kazakhstan. The negative outlook on KEGOC reflects that on Kazakhstan (BBB-/Negative/A-3). On a stand-alone basis, we expect KEGOC to maintain existing headroom in the metrics within the rating,
