Fitch rates Kazakhstan Electricity Grid BBB-

Fitch Ratings said it assigned a local-currency senior unsecured rating of BBB- to Kazakhstan Electricity Grid Operating Co. and its domestic bond program for 84 billion in Kazakhstani tenge and the KZT47.5 billion bonds issued under it.

The senior unsecured rating is aligned with the company's long-term local-currency issuer default rating, reflecting that all of company's debt is equal in ranking, Fitch said.

The ratings reflect the overall strong links with the state, namely government guarantees for some of the company's debt, the agency said, and the company's long-term issuer default ratings are one notch lower than the sovereign's ratings.

The ratings also consider that the company is exposed to currency risk as about 76% of the company's 205 billion in Kazakhstani debt was in foreign currencies, Fitch said.

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