Russia's Federal Grid issuer rating affirmed, outlook stable - Moody's |
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Fri, 20 Apr 2007 14:42
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MUMBAI (Thomson Financial) - Moody's Investors Service has affirmed the ratings of Russia's Federal Grid Company of Unified Energy System (FGC) on expectations that the restructuring of the Russian electricity sector will be completed without material changes or delays.The ratings agency has a 'Baa2' issuer rating and a stable outlook for the electricity transmission grid operating company.'Though some uncertainties regarding the restructuring remain, the upcoming future of FGC as a transmission monopoly majority-owned by the state has become more certain,' Moody's said.Moody's said it expects the restructuring process to be completed without material changes and the company will be able to keep its metrics at higher levels than commonly expected for its current baseline credit assessment to compensate risks associated with completion of the restructuring.'Major delays to the restructuring or any material deviation from the restructuring plan and material decrease in the state's funding for FGC's investment programme, could create negative pressure on the BCA,'' it noted.TFN.newsdesk@thomson.comans/man/pcm/jlwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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