Fitch appointed "BBB" rating, outlook stable to the long term obligations in foreign currency of KEGOC company (Kazakhstan)

/IRBIS, October 28, 07/ - KEGOC Company (Astana) has provided a press release informing about the following: KEGOC Company was appointed the highest credit rating in the country at the level of sovereign BBB+ International rating agency Fitch appointed the credit ratings of investment class to the Kazakhstani company of electric network management KEGOC JSC. The rating on long-term debt in foreign currency - BBB/outlook stable; rating on short-term debt and long term debt in local currency - BBB+/outlook stable. This assessment is actually unexampled as it is for the first time that a Kazakhstani company was appointed a rating at the level of sovereign one in both currencies by the agency. Against the background of speculations about the probably of crisis events in the country's economy, such a high opinion of the authoritative analytical group about one of the backbone companies for Kazakhstani economy reflects trust of international investors to the strategic power industry along with the domestic economy as a whole. Fitch analysts note the steady, continuously improving financial indicators of the company, low risks of its business taken in consideration with stable regulative environment and significant governmental support of the company and industry. The rating also reflects the actual and expected growth of generation and consumption volumes of energy power in the Republic, which witnesses the high pace of progressive economical development of the country. In its turn, stable outlook regarding the rating speaks for that in the near future the agency does not foresee appearance of threats for the company's further development, including deterioration of economical environment. In the opinion of president of KEGOC JSC Almasadam Satkaliev, the next factors contributed to appointment of such a high rating: high degree of company's transparency, effective and long partnership with international financial institutions, efficient realization of investment programs. Moreover, the decision reflects the cutting edge management practices, as a result of work on enhancement of corporate governance level by mother holding KHMGA Samruk JSC. The company has surplus cash flows, all company's obligations are secured by government's guaranties, money pledges, needed reserves have been formed. KEGOC JSC has the following credit ratings: from Standart&Poors agency on debt in local and foreign currencies - BB+/outlook stable (confirmed in November of 2006); from Moody's agency on both currencies - Baa1/outlook stable (appointed in May of 2006). KEGOC JSC is a system operator of united electric system of the Republic of Kazakhstan, the main goal of which is providing steady functioning of UES of Kazakhstan and management of the National electric network. The property complex of KEGOC JSC contains electric power transmission lines of all classes of tension with total spread of 23,413 km., 74 transformer substations that provide international flows, capacity of electric stations of common use, link between distributing electric network companies (DENC) and big consumers. Since April of 2006, 100% of state shares of KEGOC JSC is transmitted to Kazakhstan holding of managing the state assets SAMRUK. Department of public relationships of KEGOC JSC Phone: +7(7172)970 415 e-mail: pressa@kegoc.kz End of citation [2007-10-28]