UPDATE: S&P raises rating of RussiaТs Mosenergo to BBB-, outlook Stable - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

UPDATE: S&P raises rating of RussiaТs Mosenergo to BBB-, outlook Stable

(Adds details in last 2 paragraphs)

MOSCOW, Jun 25 (PRIME) -- International rating agency S&P Global Ratings (S&P) has raised long-term ratings of Russian power producer Mosenergo in local and foreign currencies to BBB- from BB+ with a Stable outlook, the agency said in a statement on Monday.

The outlook on ratings of Mosenergo was Positive before the upgrade of the ratings.

The increase of the rating reflects the opinion of S&P that Mosenergo will maintain its strong credit figures and a rational financial policy. The agency based the rating of BBB- on company activities, not the possibility of state support, as Mosenergo had been gradually improving its indicators since 2015. The companyТs ratio of funds from operations (FFO) to debt rose to more than 100% in 2017 from 47% in 2015, the agency said.

The Stable outlook reflects the agencyТs expectations that the company will maintain its strong credit figures and the FFO to debt ratio above 60%. But S&P does not forecast another upgrade of MosenergoТs ratings as it is unlikely that the ratings may be higher than ratings of gas giant Gazprom, which owns 53.5% in Mosenergo through Gazprom Energoholding.

End

25.06.2018 14:54
 
 
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