Baku, Azerbaijan, Feb. 19
By Elena Kosolapova - Trend:
Standard & Poor's Ratings Services lowered to 'BB' from 'BB+' our long-term corporate credit ratings on Kazakhstan Electricity Grid Operating Co. JSC, KazMunayGas NC JSC, KazTransGas, KazTransOil, and Kazakhstan Temir Zholy, the agency said Feb. 19.
At the same time, we revised our outlook on Samruk-Energy JSC to negative from stable and affirmed our 'BB/B' long- and short-term corporate credit ratings, the statement said.
The outlooks on all six rated companies are negative.
The downgrades follow the lowering of our ratings on Kazakhstan on Feb. 17, 2016.
"We consider all six companies to be government-related entities (GREs) that we believe may receive different levels of extraordinary government support from the government of Kazakhstan," the statement said. "We have not revised our assessment of the likelihood of extraordinary support these companies might receive from the government. The
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