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Информационный сайт Trading Markets, S&P: KAZAKHSTAN ELECTRICITY GRID OPERATING CO. (JSC) 'BB+' RATING AFFIRMED; OUTLOOK NEGATIV
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The EurasiaNet (USA), KAZAKHSTAN: DIPPING ENERGY PRICE FORCES ASTANA TO REVISE BUDGET, November 24, 2008



Officials in Kazakhstan say they will scale back spending plans, as falling energy prices force Astana to make budgetary recalculations.

Kazakhstan is Central Asia’s largest oil producer, with the commodity accounting for roughly 60 percent of the country’s exports. Current budget and revenue projections are based on an oil price of $60 per barrel.

"Today we have to forget about a period when oil prices were so high," Prime Minister Karim Masimov said on November 24. "Today we are entering a new cycle. I’ve ordered the Economics Ministry to recalculate the 2009-2011 budget setting a price of $40 [per barrel] for 2009, and $50 per barrel] for 2010-2011."

Masimov emphasized that core spending on social welfare needs would remain at current levels. The prime minister also announced that the government would be allocating $5 billion in state-controlled funds to support the country’s sagging real estate sector.

Информационный сайт Trading Markets, S&P: KAZAKHSTAN ELECTRICITY GRID OPERATING CO. (JSC) 'BB+' RATING AFFIRMED; OUTLOOK NEGATIVE, 24.11.08,



Standard & Poor's Ratings Services said today that it affirmed its 'BB+' long-term corporate credit rating on Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC), Kazakhstan's state-owned transmission grid operator. The outlook is negative.

We apply a top-down rating approach to KEGOC, notching down two notches below the local currency rating on the Republic of Kazakhstan (foreign currency BBB-/Negative/A-3, local currency BBB/Negative/A-3). This reflects KEGOC's strategically important status to the Kazakh government as a provider of core infrastructure services. We estimate KEGOC's stand-alone credit quality at 'B+'.

"The stand-alone credit quality on KEGOC is constrained by the company's aggressive financial policy, large grid investment program and associated construction risk, high foreign currency and floating interest risk exposure, and Kazakhstan's relatively weak power sector characteristics," said Standard & Poor's credit analyst Sergei Gorin.

Kazakhstan's relatively low wealth, limited customer diversification, and historically delayed payments impair KEGOC's market position.

These risks are mitigated by state support to KEGOC in the form of guarantees on most of its debt, supportive tariffs, and potential extraordinary support. KEGOC also benefits from its monopoly position in a stable and low-operating-risk electricity transmission business.

On Sept. 30, 2008, according to the company's management, available liquidity reserves of Kazakhstani tenge (KZT) 6.7 billion covered its KZT3.6 billion of debt maturing over the next 12 months.

The outlook is negative because the outlook on the sovereign is negative. The outlook also reflects our expectation that KEGOC will remain closely integrated with the government as its 100% ultimate owner and will continue to benefit from various forms of state support, such as debt guarantees or equity increases.

A change in the sovereign credit rating would not automatically result in a change in the rating on KEGOC; it would be subject to a separate review.

"Were the government to deviate from its supportive policy or initiate a privatization process, KEGOC's credit risk would become more dependent on its weaker stand-alone credit profile, and this might put downward pressure on the ratings or the outlook," said Mr. Gorin.

Информационный сайт RF Design (USA), MOBILE WIMAX NETWORK FOR KAZAKHSTAN, November 25, 2008



POSDATA Co. Ltd. announced that it had signed a commercial supply agreement of Mobile WiMAX systems with ARNA, including 100 Radio Access Stations (RAS - Wave 2), Access Control Routers (ACR), Network Management System (NMS) and terminals. According to the contract, ARNA and POSDATA will start building commercial Mobile WiMAX networks in Kazakhstan with a plan of further expansion.

ARNA is Kazakhstan’s largest private service provider of fixed-line telephone and Internet services and it has secured a frequency enabling Mobile WiMAX service in 36 major cities around the country.

Mid this year, POSDATA also concluded commercial supply contract with Uzbekistan’s Super-iMAX, and successfully launched the first commercial Mobile WiMAX service last month in Central Asia. And now, with this commercial supply agreement with ARNA in Kazakhstan, POSDATA is expanding its presence into Central Asian market.

Though the demand for high-speed Internet service in Kazakhstan is increasing high spurred by the country’s recent economic expansion, Internet penetration stands at only around 10%. While Mobile WiMAX network is relatively cheaper to build, compared to fixed-line Internet service, it can provide fast transmission speeds and mobility as well. Therefore, Mobile WiMAX network is rising fast as an attractive solution to meet this increasing demand for high-speed Internet service.

A POSDATA official said, “Through the supply of commercial equipment in Kazakhstan and Uzbekistan in Central Asia, as well as in Singapore and China, POSDATA has again solidified its leadership position as a global Mobile WiMAX vendor in the global market.”