Research Update: Russian Utility Mosenergo (AO) Cut To 'BB-/ruAA-' On Weaker Performance, Large Refinancing Needs; On Watch Negative - 2009/03/24 - S&P Credit Research

Report title: Research Update: Russian Utility Mosenergo (AO) Cut To 'BB-/ruAA-' On Weaker Performance, Large Refinancing Needs; On Watch Negative

from S&P Credit Research
1074 word report published Mar 24, 2009

Price $175.00 available for immediate download

Report Overview

Search Inside

About S&P Credit Research

Abstract:

On March 24, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit and Russia national scale ratings on electricity and heat generator Mosenergo (AO) to 'BB-/ruAA-' from 'BB/ruAA'. We also lowered the senior unsecured debt rating to 'ruAA-' from 'ruAA'. All the ratings were placed on CreditWatch with negative implications. The rating action reflects our expectations that Mosenergo's operational and financial performance will weaken, that the company's financial policy will become more aggressive, and that it will face significant refinancing needs in 2009. The ratings are constrained by Mosenergo's weak liquidity position; growing operating costs; substantial capital-expenditure program; and its concentrated customer base. Nevertheless, the ratings are supported by Mosenergo's strong market position in the rather lucrative Moscow

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: Russian Utility Mosenergo (AO) Cut To '##-/ruAA-' On Weaker Performance, Large Refinancing Needs; On Watch Negative Publication date: 24-Mar-2009 Primary Credit Analyst: Sergei Gorin,...

Report Type:

Research Update

Ticker:

MSNG@RU

Issuer:

Mosenergo (AO)

GICS:

Electric Utilities (55101010)

Sector:

Electric, Global Issuers, Utilities

Country:

Russia

Region:

Europe, Middle East, Africa

Free Sample:

Click Here to Download

Format:

HTML

Enter the keyword(s) which you would like to search for within this document and click "Search"

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.

Also from S&P Credit Research

Russian Utility Mosenergo (AO) Kept On Watch Negative On Refinancing Uncertainties $100.00
Russian utility Mosenergo (AO) faces significant refinancing needs in the remainder 2009 and we expect it to generate negative free operating cash flow in 2010. We understand the company intends to replace its short-term debt with long-term ...
Research Update: Russian Utility Mosenergo (AO) Kept On Watch Negative On Refinancing Uncertainties $175.00
Russian utility Mosenergo (AO) faces significant refinancing needs in the remainder 2009 and we expect it to generate negative free operating cash flow in 2010. We understand the company intends to replace its short-term debt with long-term ...
Mosenergo (AO) $400.00
Strong competitive position in the relatively lucrative Moscow region Operational benefits and support from the major shareholder, OAO Gazprom Significant share of regulated and noncompetitively exposed heat sales Weak liquidity position Growing ...
Summary: Mosenergo (AO) $175.00
The rating on Russian electricity and heat generator Mosenergo (AO) is constrained by its weak liquidity position and significant refinancing needs; growing operating costs; substantial capital-expenditure program; and its concentrated customer ...
Russian Utility Mosenergo (AO) Cut To 'BB-/ruAA-' On Weaker Performance, Large Refinancing Needs; On Watch Negative $100.00
MOSCOW (Standard&Poor's) March 24, 2009--Standard&Poor's Ratings Services said today that it had lowered its long-term corporate credit and Russia national scale ratings on electricity and heat generator Mosenergo (AO) to 'BB-/ruAA-' from 'BB/ruAA'. ...
Russian Utility Mosenergo (AO) 'BB' And 'ruAA' Ratings Affirmed; Outlook Stable $100.00
FRANKFURT (Standard&Poor's) Aug. 20, 2008--Standard&Poor's Ratings Services said today it affirmed its 'BB' long-term corporate credit rating and 'ruAA' Russian national scale rating on electricity and heat generator Mosenergo (AO). The outlook ...
Research Update: Russian Utility Mosenergo (AO) 'BB' And 'ruAA' Ratings Affirmed; Outlook Stable $175.00
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 ...
Summary: Mosenergo (AO) $175.00
The ratings on Russian electricity and heat generator Mosenergo (AO) reflect the company's growing exposure to the volatile spot electricity market; its ambitious investment program, which will create significant external funding requirements; ...

Price: $175.00

Free Sample

Questions about
this research?

Send page to a friend

Can't Decide?

Purchasing premium research sight unseen can be intimidating. At Alacra we want you to know what you are getting. Visit our FAQ or ask our Customer Service Team any questions about the report you are considering purchasing.