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]