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

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

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Abstract:

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'. 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," said Standard&Poor's credit analyst Sergei Gorin. The ratings are constrained by Mosenergo's weak liquidity position; growing operating costs; substantial capital-expenditure program; and its concentrated customer base.

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RESEARCH Ratings Definitions 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, Moscow 7 495 783...

Report Type:

Ratings Action

Ticker:

MSNG@RU

Issuer:

Mosenergo (AO)

GICS:

Electric Utilities (55101010)

Sector:

Electric, Global Issuers, 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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