Fitch Ratings changes KEGOC's outlook to "Negative", affirms at "BBB"

/Fitch Ratings, London/Moscow, December 18, 07/ - Fitch Ratings has today changed the Outlook for Kazakhstan-based Electricity Grid Operating Company's (KEGOC) Long-term foreign and local currency Issuer Default ratings (IDRs) to Negative from Stable. In addition, Fitch has affirmed KEGOC's ratings at Long-term foreign currency IDR 'BBB', Long-term local currency IDR 'BBB+' and Short-term IDR 'F3'. The change in Outlook results solely from the 17 December 2007 change in Outlook for the Republic of Kazakhstan's Long-term IDR to Negative from Stable. Fitch assigned KEGOC ratings on 22 October 2007 and stated in its announcement that future rating or Outlook changes may result from a sovereign rating upgrade, a sovereign rating downgrade or evidence of reduced direct and indirect state support leading to a de-linkage from the sovereign. KEGOC is Kazakhstan's state-owned national electricity transmission monopoly and system operator. It accounts for 100% of Kazakhstan's high voltage transmissions and 40% of its low voltage transmissions. In 2006, its revenue was KZT22bn (approximately USD174.5m). Contacts: Valentina Goryunova, Moscow, tel.: +7 495 956 9901 John Hatton, London, tel.: +44 20 7417 4238 Conatcts for mass media: Alla Izmaylova, Moscow, tel.: + 7 495 956 9901/9903, alla.izmailova@fitchratings.com [2007-12-19]