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S&P Credit Research993 word report
published Apr 10, 2009
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S&P Credit Research
| Abstract: | 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 base with largest electricity and heating clients accounting for 78% and 68%, respectively. Nevertheless, the rating is supported by Mosenergo's strong market position in the rather lucrative Moscow area; operational benefits of affiliation with and support from OAO Gazprom (BBB/Negative/--), which now holds a 53.47% share in Mosenergo and supplies 98% of its fuel; a low-cost thermal combined heat and power generation portfolio; and a significant share of regulated heat sales that are not exposed to competition. The wholesale electricity market, which generates 44% of Mosenergo's revenues, is being
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Mosenergo (AO) Publication date: 10-Apr-2009 Primary Credit Analyst: Sergei Gorin, Moscow 7 495 783 4132; sergei_gorin@standardandpoors.com Secondary Credit Analyst: Peter Kernan, London (44)...
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| Report Type: | Summary
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| Ticker: | MSNG@RU
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| Issuer: | Mosenergo (AO)
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| GICS: | Electric Utilities (55101010)
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| Sector: | Electric, Global Issuers, Utilities
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| Country: | Russia
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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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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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'. ...
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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 ...
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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; ...
