Moody’s elevates Kegoc BCA

Moody’s Investors Service said it affirmed the issuer rating of Kazakhstan Electricity Grid Operating Co. (Kegoc) at Baa3.

The agency upgraded the company's baseline credit assessment to ba2 from ba3.

The outlook is stable.

Moody’s said the action follows reassessment and repositioning of three qualitative factors that come into play when determining Kegoc's standalone creditworthiness, namely stability and predictability of regulatory regime to Ba from B, cost and investment recovery to Baa from Ba and revenue risk to Ba from B.

“The change in the BCA will have no effect on Kegoc's final rating which is positioned at the level of the sovereign bond rating of Kazakhstan,” the agency said in a news release.

“However, the BCA at ba2 positions the company more strongly for a potential upgrade in the event of the sovereign upgrade.”

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