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

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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

Brief Excerpt: 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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