Fitch cuts Kazakhstan Electricity to BBB-

Fitch Ratings said it downgraded Kazakhstan Electricity Grid Operating Co.’s long-term foreign currency issuer default rating to BBB- from BBB.

The outlook is stable.

Fitch said the downgrade reflects weakened legal ties between Kazakhstan Electricity and its sole, indirect shareholder – the Republic of Kazakhstan (BBB/stable), following a decline in the share of state-guaranteed debt below the 40% threshold. The share of state-guaranteed debt had been the key driver of the alignment of their ratings.

Following the downgrade, the company's long-term issuer default ratings are one notch lower than the sovereign's.

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