S&P upgraded a rating of KEGOC Kazakhstan Electricity Grid Operating Company to ВВ+

/ REUTERS Moscow bureau, November 3, 03/ - International credit rating agency Standard & Poor's has upgraded long-term rating of Kazakhstan state-owned electricity grid operating company KEGOC to BB+ from BB with stable outlook. The rating review followed after country's rating upgrade to BB+ in May of this year. As an announcement states, the company's rating reflects risks of activities associated with high concentration of electric energy producers and consumers in Kazakhstan, aggressive financial policy and anticipated reduction of financial leverage starting from 2004-2005, when company begins paying off principal amounts of long-term borrowings. "We assume that the company will remain closely related to the government of the republic, which will not change favorable tariff policy, and the company will not decide on long-term borrowings unsecured by the government until 2005", - the announcement states quoting from Mikhail Galkin, an analysts. [2003-11-03]