Fitch affirmed the ratings of four Kazakhstan companies

/IRBIS, December 22, 2010/ - Fitch Ratings affirmed the long-term issuer default ratings (IDR) in foreign currency four Kazakh companies - JSC National Company KazMunaiGas (KMG), JSC NC Kazakhstan Temir Zholy (KTZ) , Kazakhstan Company Electricity Grid "(KEGOC) and Mangistau Electricity Distribution Company (MEDNC) reported on December 21 Fitch. As indicated in the report, the rating actions carried out in accordance with Fitch confirms long-term IDR of Kazakhstan in foreign and national currencies at the level of "BBB-" and "BBB", respectively, short-term foreign currency IDR at "F3" December 20, 2010. The agency also revised its outlook on long-term IDR of Kazakhstan in foreign and national currencies at the "positive" from "stable." Thus, Fitch has made the following rating actions: - National company KazMunaiGas (KMG): Long-term foreign currency IDR is affirmed at "BBB-", Outlook Stable; Long-term local currency IDR is affirmed at "BBB", Outlook Stable; Short-term foreign currency IDR is affirmed at "F3"; Senior unsecured debt rating was affirmed at "BBB-". - National company Kazakhstan Temir Joly (KTZ): Long-term foreign currency IDR is affirmed at "BBB-", Outlook Stable; Senior unsecured debt rating was affirmed at "BBB-". - Kazakhstan company Electricity Grid "(KEGOC): Long-term foreign currency IDR is affirmed at "BBB-", outlook changed to "positive" from "stable"; Long-term local currency IDR is affirmed at "BBB", the forecast changed to Positive from Stable; Short-term foreign currency IDR is affirmed at "F3". - Mangistau Electricity Distribution Company (MEDNC): Long-term foreign currency IDR is affirmed at "BB", Outlook Stable; Senior unsecured debt rating in foreign currency affirmed at "BB"; Short-term foreign currency IDR is affirmed at "B"; Long-term local currency IDR is affirmed at "BB +", Outlook Stable; Senior unsecured debt rating in local currency affirmed at "BB +"; National long-term rating was affirmed at "AA-(KAZ)," forecast "Stable". Fitch notes that although the KMG and KTZ continue to enjoy close ties with the government, but a complete and timely financial support, which would continue the alignment of the ratings, is not unconditional, without an explicit guarantee for much of the debt. Consequently, the ratings of NC KMG and KTZ affirmed with a Stable Outlook. Fitch notes that KEGOC ratings continue to be associated with the sovereign ratings in connection with a government guarantee on most of its debt (56%). KEGOC is 100% state-owned and enjoys strong public support at the expense of the strategic nature of the national electricity transmission network in Kazakhstan. Fitch standalone viewing KEGOC business and its financial profile to measure the weak position in the rating category "BB". As noted, ratings MEDNC linked with the sovereign, but a little trimmed to reflect how little support was given by the parent company MEDNC - Samruk- Energo "(100% indirectly owned by the government) that will provide timely financial assistance if necessary. Fitch expects the bond MEDNC the government could weaken through its subsequent sale, thus Outlooks MEDNC affirmed at 'Stable. Fitch standalone viewing business and financial profile for MEDNC to measure the weak-rated "BB-". [2010-12-22]