S&P ups Kazakhstan Electricity Grid

S&P said it raised its long-term issuer credit rating on Kazakhstan Electricity Grid Operating Co. to BB+ from BB.

The outlook is stable.

The agency also raised the issue ratings on the senior unsecured bank loans from the European Bank for Reconstruction and Development to BB+ from BB.

S&P said the upgrade reflects an expectation that the recent improvement in the company’s financial metrics will be sustainable, resulting in stronger stand-alone performance.

The agency said it continues to see a high likelihood that the company would receive timely and sufficient extraordinary support from its ultimate owner, the Kazakh government, if necessary.

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