OREANDA-NEWS. November 28, 2007. Fitch International Rating Agency has assigned the investment-grade credit rating to Kazakhstan Electricity Grid Operating Company KEGOC JSC, the public pelations department of JSC "KEGOC". The long-term credit rating for foreign currency is ВВВ/Stable; short-term rating and long-term rating for local currency is ВВВ+/Stable.

This estimation essentially is unprecedented, because for the first time the Agency has assigned to KEGOC the sovereign credit rating for both currencies. Against a speculation background of possibility of the state economic crisis, so high opinion of the authoritative analytical group regarding the company, which forms the Kazakhstan economy, expresses a trust of the international investors to strategic branch of power industry together with domestic economy as a whole.

Fitch analysts specifies the stable, constantly improving finance indicators of the Company, low risks on conducting its business with allowance for stable regulative environment and essential state support of the company and branch. The rating also reflects actual and expected growth of generation volumes and energy consumption in the Republic that testifies to high rates of forward economic development of the country. The stable forecast concerning a rating, in turn, says that in foreseeable future, the Agency does not assume the threats for further development of the Company, including economic environment deterioration.

According to the President of KEGOC JSC, Almasadam Satkaliyev, an assignment of high rating was promoted by such factors as a great degree of company’s finance transparency, effective and long-term cooperation with international finance institutes, effective carrying out of investment programs. Besides, the decision reflects an advanced management practice, as a result of the works on increasing of corporate management level of parent holding company JSC Kazakhstan Holding for State Assets Management “SAMRUK”. Company has surplus money flows, all company’s obligations are assured with state guarantees, monetary deposits, the necessary reserves are formed.

JSC KEGOC has the following credit ratings: from Standart&Poors Agency on obligations for local and foreign currencies ВВ+/Stable (confirmed in November 2006); from Moody’s Agency, confirmed in November 2006); from Moody’s for both currencies Baа1/Stable (assigned in May 2006).

JSC KEGOC is the System Operator of the Unified Power System of the Republic of Kazakhstan, which main objective is to provide stable operation of UPS of Kazakhstan and reliable control of the National Power Grid. JSC KEGOC property complex includes the transmission lines of all voltage classes with the total length 23,413km, 74 transformer substations, providing interstate power flows, provide power from the public service power stations, connection between distributive power network companies and heavy consumers.

From April 2006, 100% state block of shares of JSC KEGOC has been transferred to JSC Kazakhstan Holding for State Assets Management "SAMRUK".