Fitch upgrades Kazakhstan Electricity

Fitch Ratings said it upgraded Kazakhstan Electricity Grid Operating Co.'s long-term foreign-currency issuer default rating to BBB from BBB- and long-term local-currency issuer default rating to BBB+ from BBB.

The agency also said it affirmed the short-term foreign-currency issuer default rating at F3.

The outlook is positive.

The action follows a periodic rating review of the company and also reflects the upgrade of Kazakhstan's ratings.

The company's ratings are aligned with those of the Republic of Kazakhstan due to its 100% indirect state ownership, direct government guarantees for a large part of its debt and the strategic nature of Kazakhstan's national electricity transmission grid, Fitch said.

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