Fitch cuts Caepco, withdraws ratings

Fitch Ratings said it downgraded the long-term foreign-currency issuer default ratings of JSC Central-Asian Electric-Power Corp. and its fully owned subsidiaries, JSC Pavlodarenergo and JSC Sevkazenergo, to CCC- from B- and simultaneously withdrew their ratings.

“The downgrade reflects deterioration of Caepco's leverage above our previous negative trigger and unfunded liquidity. The ratings also reflect high FX risks, limited scale of operations and an evolving regulatory framework, which is only partially offset by the companies' vertical integration and a stable regional market position. We assess Caepco, Pavlodarenergo and Sevkazenergo on a consolidated basis,” said Fitch in a press release.

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