S&P may cut Kazakh companies

Standard & Poor's said it placed the ratings of some Kazakhstan government-related entities on CreditWatch with negative implications after the long-term rating on the Republic of Kazakhstan (foreign-currency BBB/Watch negative/A-3; local-currency BBB+/Watch negative/A-2) was placed on CreditWatch with negative implications. The national scale rating was affirmed.

The issuers are JSC NC KazMunayGas (BBB-), JSC KazMunaiGas Exploration Production (BB+), KazTransOil (BB+), KazTransGas (BB), Kazakhstan Temir Zholy (BB+), JSC Kaztemirtrans (BB+) and Kazakhstan Electricity Grid Operating Co. (BB+).

"The CreditWatch reflects potential negative implications for these corporate credit ratings if the rating on the sovereign is lowered," S&P credit analyst Elena Anankina said in a written statement.

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