Fitch has assigned Mangistau Electricity Distribution Company (MEDNC) KZT 2.4bn 8% domestic bond due in 2024 a BBB-(exp) expected local currency senior unsecured rating. The rating is in line with MEDNC's Long-term local currency Issuer Default Rating (IDR) of BBB-, which has a Stable Outlook, as the bond will constitute a direct and unsecured obligation of the company. MEDNC will use the proceeds of the bond issue to finance its investment programme until 2015.
MEDNC's credit profile is supported by its near-monopoly position in electricity transmission and distribution in the Region of Mangistau, one of Kazakhstan's strategic oil and gas regions. It is also underpinned by prospects for economic development and expansion in the region, in relation to both oil and gas and transportation, and by favourable three-year tariffs. MEDNC further benefits from limited foreign exchange risks and from the absence of interest rate risks.
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