Research Update: Russian Utility Mosenergo (AO) 'BB' And 'ruAA' Ratings Affirmed; Outlook Stable - 2008/08/20 - S&P Credit Research

Report title: Research Update: Russian Utility Mosenergo (AO) 'BB' And 'ruAA' Ratings Affirmed; Outlook Stable

from S&P Credit Research
1076 word report published Aug 20, 2008

Price $175.00 available for immediate download

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Abstract:

On Aug. 20, 2008, Standard&Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating and 'ruAA' Russian national scale rating on electricity and heat generator Mosenergo (AO). The outlook is stable. The ratings on Mosenergo are constrained by its ambitious capital expenditure program, which creates significant external funding requirements; its concentrated customer base; and growing exposure to the volatile spot electricity market. Nevertheless, the ratings are supported by Mosenergo's strong market position in the wealthy and steadily growing Moscow region; operational benefits of affiliation with and support from OAO Gazprom (BBB/Stable/--), which now holds a 53.47% share in Mosenergo and is its major fuel supplier; its low-cost thermal combined heat and power generation portfolio; and significant share of

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RESEARCH Ratings Definitions Research Update: Russian Utility Mosenergo (AO) '##' And 'ruAA' Ratings Affirmed; Outlook Stable Publication date: 20-Aug-2008 Primary Credit Analyst: Sergei Gorin, Moscow 7 495 783 4132; sergei_gorin@standardandpoors.com...

Report Type:

Research Update

Ticker:

MSNG@RU

Issuer:

Mosenergo (AO)

GICS:

Electric Utilities (55101010)

Sector:

Corporations, Electric, Energy, Gas, Global Issuers, International Public Finance, Metals & Mining, Utilities

Country:

Russia

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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