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 government support. Furthermore, we believe that the likelihood of timely and sufficient extraordinary government support 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. The company also has "very strong" links with the government of the Republic of Kazakhstan (foreign currency BBB/Stable/A-3; local currency BBB+/Stable/A-2; Kazakhstan national scale 'kzAAA'). These links are evidenced by KEGOC's 100% state ownership; state guarantees on some of its existing and, possibly, new debt; and equity injections from the government
