Fitch upgrades outlooks on Kazakh company
Azerbaijan, Baku, Nov. 24 / Trend E. Kosolapova/
Fitch Ratings has upgraded the outlooks on Kazakhstan Electricity Grid Operating Company (KEGOC) long-term foreign currency Issuer Default Ratings (IDRs) to 'BBB' from 'BBB-' and local currency Issuer Default Ratings to 'BBB+' from 'BBB', the agency reported on Wednesday.
"The outlooks on the ratings remain positive," the report said.
The rating actions reflect the agency's upgrade of Kazakhstan's long-term foreign and local currency IDRs to 'BBB' from 'BBB-' and 'BBB+' from 'BBB', respectively, on Nov.21.
According to the agency, KEGOC's ratings are on the same level with sovereign ratings of Kazakhstan due to the fact that Kazakhstan owns 100 percent of company's stakes and render government guarantees for much for 52 percent of company's debts.
Earlier, Fitch Ratings upgraded the outlooks on Kazakh National oil&gas Company KazMunaiGaz and Kazakh State railway company Kazakhstan Temir Zholy's long-term foreign currency IDRs to positive from stable and affirmed their ratings.