We expect the financial performance of Kazakhstan Electricity Grid Operating Co. (KEGOC) will continue improving on the back of favorable tariffs. We now see a high likelihood that KEGOC would receive timely and sufficient extraordinary support from its ultimate owner, the Kazakh government, if necessary. We are therefore revising our outlook on KEGOC to positive from stable, and affirming our 'BB' rating. The positive outlook reflects the increased likelihood that KEGOC can sustainably exceed our upgrade thresholds through solid performance and continued debt reduction. On Nov. 23, 2017, S&P Global Ratings revised its outlook on Kazakhstan Electricity Grid Operating Co. (JSC) to positive from stable. The 'BB' long-term corporate credit rating was affirmed. At the same time, we affirmed our
