Moody’s reviews Kazakhstan Electricity Grid

Moody's Investors Service said it placed Baa3 long-term issuer rating of Kazakhstan Electricity Grid Operating Co. (Kegoc) on review for downgrade.

This action follows Moody's March 4 placement of the Republic of Kazakhstan's Baa2 government bond rating on review for downgrade. It reflects the agency’s view that a sustained sharp fall in oil prices, which Moody's expects to remain low for several years, will heighten risks for Kazakhstan's economic performance and the balance sheet of its government given the country's high dependence on hydrocarbons to finance government expenditure and drive economic growth.

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