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Published on 5/13/2009 in the Prospect News Emerging Markets Daily.

Moody's cuts some Kazakh issuers

Moody's Investors Service said it downgraded several Kazakh government-related issuers, reflecting the downgrade of the local-currency rating of the government of Kazakhstan to Baa2 from Baa1 on May 12 and the change of outlook to negative from stable.

The agency lowered KazMunaiGas NC, Kaztransgas, Intergas Central Asia and Kaztransoil to Baa2 from Baa1. KazMunayGas E&P's rating is unchanged at Baa2. The outlook was changed to negative from stable.

Food Contract Corp. was downgraded to Baa3 from Baa2. The outlook was changed to negative from stable.

The agency affirmed Kazakhstan Temir Zholy at Baa2, Kazakhstan Electricity Grid Operating Co. at Baa2 and Kazpost at Baa3. The outlook was changed to negative from stable.

The agency also affirmed Kaztemirtrans at Ba1 and Kazatomprom at Baa3. The outlook is stable.


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