Fitch upgrades Kegoc

Fitch Ratings has upgraded Kazakhstan Electricity Grid Operating Co.'s (Kegoc) long-term foreign- and local-currency issuer default ratings to BBB from BBB-.

“The upgrade reflects Kegoc's revised stand-alone credit profile (SCP) to bbb- from bb+, combined with the application of a bottom-up plus one-notch approach under Fitch's new government-related entities (GRE) rating criteria. Kegoc's SCP is notched up once for strong links with its sole owner, the Republic of Kazakhstan (BBB/stable), to arrive at the BBB IDR,” Fitch said in a press release.

The outlook is stable.

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