OREANDA-NEWS. Fitch Ratings has downgraded Kazakhstan-based Joint Stock Company Sevkazenergo's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'B+' from 'BB-'. The Outlook is Stable.

The downgrade follows the downgrade of Sevkazenergo's sole shareholder, Joint Stock Company Central-Asian Electric-Power Corporation (CAEPCo, B+/Stable; see 'Fitch Downgrades CAEPCo to 'B+'; Outlook Stable'). Sevkazenergo's ratings are aligned with CAEPCo's, reflecting its position as one of two key operating subsidiaries within the CAEPCo group, contributing 43% of group EBITDA.