Samruk-Energy (Kazakhstan) says agency Standard & Poor's affirmed ratings and reviewed outlook
18.11.13 13:38
/KASE, November 18, 13/ – Samruk-Energy (Astana), whose bonds are officially
listed on Kazakhstan Stock Exchange (KASE), today provided KASE with the
following press-release of November 15, 2013:
quote
International rating agency Standard&Poor's (S&P) has reviewed outlook of
Samruk-Energy from "stable" to "negative". Simultaneously, the long-term credit
rating of the Company was affirmed at "BB+", short-term credit trading at "B"
and rating on national scale at "kzAA-". Rating action S&P was caused by risks,
related to short-term uncertainty in the following investor expectations:
- format of the transaction involving purchase by the Company of a major
generating asset in Kazakhstan;
- support from the Republic of Kazakhstan during implementation by the Company
of major socially important investment projects;
- principles of regulation of the electric energy sector for future
Forecast scenarios reflect multidirectional forecasts of the Company's available
cash flows. These risks are systemic and idiosyncratic in structure, but have a
temporary nature.
The Company, with support from the government of the Republic of Kazakhstan and
Sovereign Wealth Fund Samruk-Kazyna, undertakes all necessary measures ensuring
maintenance of financial and production indicators, as well as covenants and
other liabilities at a level required by the sole shareholder and investors.
unquote
[2013-11-18]