OREANDA-NEWS. On March 13, 2009 Fitch Ratings has assigned Mangistau Electricity Distribution Network Company's (MEDNC) KZT800m 16% domestic bond due 2013 a senior unsecured local currency rating of 'BB+'. The rating is on Rating Watch Negative (RWN), reported the press-centre of KASE.

MEDNC's Long-term foreign currency Issuer Default (IDR) 'BB', Long-term local currency IDR 'BB+' and National Long-term 'AA-(AA minus) (kaz)' were also placed on RWN on 19 February 2009 after Kazakhstan's sovereign ratings were placed on RWN. MEDNC's Short-term foreign currency IDR is 'B'.

This bond is the fifth issue under MEDNC's domestic bond programme of KZT9,864.5m. MEDNC plans to use the bond proceeds for financing capital expenditures. The bond prospectus does not contain any financial or other covenants.

MEDNC is a state-owned near-monopoly regional electricity distribution company which services the region of Mangistau (with the exception of the city of Aktau) located in the south-west of Kazakhstan near the Caspian Sea. It accounts for 2.5% of Kazakhstan's transmission and distribution network.