Moody's ups Kazakhstan Electricity to stable

Moody's Investors Service said it affirmed the senior issuer rating of Kazakhstan Electricity Grid Operating Co. at Baa3 and revised the outlook to stable from negative.

The change in outlook reflects the company's strengthened financial profile in 2010, driven by an economic recovery, supportive tariff regulation and a limited reduction of investments compared with 2009, Moody's said.

The company has established cushion under its financial profile and financial covenants, the agency said. Given the cushion and the supportiveness of bank creditors and the state for the company, which was particularly confirmed during the crisis, Moody's expects the company's Baa3 issuer rating to accommodate a possible deterioration of its financial profile under continuing significant investments.

The Baa3 issuer rating continues to incorporate a significant uplift for the state's potential support to the company's baseline credit assessment, the agency added.

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