The ratings on Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC), Kazakhstan's state-owned transmission grid operator, reflect Standard&Poor's Ratings Services' expectations that KEGOC is likely to continue receiving ongoing government support. Furthermore, we believe that the likelihood of timely and sufficient extraordinary government support for KEGOC in the event of distress is "very high". Our opinion is based on our assessment of KEGOC's "very important" role in Kazakhstan's economy, as a provider of core infrastructure services. We further assess the company as having "very strong" links with the government of the Republic of Kazakhstan (BBB+/Stable/A-2; Kazakhstan national scale 'kzAAA'). These links are evidenced by KEGOC's 100% state ownership through Samruk-Kazyna (BBB+/Stable/A-2; Kazakhstan national scale 'kzAAA') and state guarantees on
