S&P cuts Kazakhstani companies

Standard & Poor's said it lowered to its long-term corporate credit ratings on Kazakhstan Electricity Grid Operating Co. JSC, KazMunayGas NC JSC, KazTransGas, KazTransOil and Kazakhstan Temir Zholy BB from BB+.

At the same time, the agency revised its outlook on Samruk-Energy JSC to negative from stable and affirmed its BB/B long- and short-term corporate credit ratings.

The outlooks on all six rated companies are negative.

The downgrades follow the lowering of Kazakhstan’s ratings on Feb. 17. S&P considers all six companies to be government-related entities that it believes may receive different levels of extraordinary government support from the government of Kazakhstan.

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