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Prospect News home > News index > List of issuers K > Headlines for Kazakhstan Electricity Grid Operating Co. (Kegoc) > News item |
Moody's cuts Kazakhstan Electricity to Baa2
Moody's Investors Service said it downgraded to Baa2 from Baa1 the senior unsecured issuer rating of Kazakhstan Electricity Grid Operating Co.
The outlook remains stable.
Controlled by the Republic of Kazakhstan, the company is a government-related issuer under Moody's methodology, the agency said.
The downgrade reflects expectations that its financial profile and financial covenant cushion will materially deteriorate going forward, driven by the company's continuing large investments under the weakening economic and financial conditions in the Republic of Kazakhstan and globally, Moody's said.
Due to the high state support incorporated into the company's rating, the downgrade is limited to one notch, the agency said.
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