Moscow, February 26, 2015 -- Moody's Interfax Rating Agency (MIRA) has today downgraded the national
scale ratings (NSRs) of OAO AK Transneft and Atomenergoprom, JSC
to Aa1.ru from Aaa.ru. At the same time, MIRA
has downgraded the NSR of RusHydro JSC, Inter RAO JSC and ROSSETI
JSC to Aa2.ru from Aa1.ru. Concurrently, MIRA
has confirmed the NSR of FGC UES JSC at Aa1.ru. The actions
conclude the review for downgrade of the NSRs of these companies initiated
by MIRA on 23 December 2014. Moody's Interfax is majority-owned
by Moody's Investors Service.
Please see ratings tab on the issuer/entity page on moodys.com
for information on Global Scale Rating.
The full list of affected issuers and credit ratings can be found at the
end of this press release.
RATINGS RATIONALE
Today's rating actions follow the rating actions performed by MIS on the
global scale ratings (GSRs) of these companies. For additional
information please refer to MIS's press release for details:
https://www.moodys.com/research/--PR_319091
RATINGS AFFECTED BY TODAY'S ACTIONS
Downgrades:
..Issuer: Atomenergoprom, JSC
.... Issuer Rating (Local Currency),
Downgraded to Aa1.ru from Aaa.ru
..Issuer: Inter RAO, JSC
.... Corporate Family Rating (Local Currency),
Downgraded to Aa2.ru from Aa1.ru
..Issuer: OAO AK Transneft
.... Issuer Rating (Local Currency),
Downgraded to Aa1.ru from Aaa.ru
..Issuer: ROSSETI, JSC
.... Corporate Family Rating (Local Currency),
Downgraded to Aa2.ru from Aa1.ru
..Issuer: RusHydro, JSC
.... Corporate Family Rating (Local Currency),
Downgraded to Aa2.ru from Aa1.ru
Confirmations:
..Issuer: FGC UES, JSC
.... Issuer Rating (Local Currency),
Confirmed at Aa1.ru
PRINCIPAL METHODOLOGIES
The principal methodologies used in rating OAO AK Transneft and FGC UES,
JSC were Regulated Electric and Gas Networks published in November 2014,
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009
and Government-Related Issuers published in October 2014.
The principal methodologies used in rating Atomenergoprom, JSC and
Inter RAO, JSC were Unregulated Utilities and Unregulated Power
Companies published in October 2014, and Government-Related
Issuers published in October 2014.
The principal methodologies used in rating RusHydro, JSC were Unregulated
Utilities and Unregulated Power Companies published in October 2014,
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009,
and Government-Related Issuers published in October 2014.
The principal methodologies used in rating ROSSETI, JSC were Regulated
Electric and Gas Networks published in November 2014, and Government-Related
Issuers published in October 2014.
Please see the Credit Policy page on www.moodys.com for
a copy of these methodologies.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are
intended as relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global scale
ratings in that they are not globally comparable with the full universe
of Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant
country, as in ".ru" for Russia. For further
information on Moody's approach to national scale ratings, please
refer to Moody's Rating Methodology published in June 2014 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings".
ABOUT MOODY'S AND MOODY'S INTERFAX
Moody's Interfax Credit Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the global capital
markets, and the Interfax Information Services Group. Moody's
Investors Service is a subsidiary of Moody's Corporation (NYSE:
MCO).
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the lead
analyst and the Moody's legal entity that has issued the ratings.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Sergei Grishunin
Asst Vice President - Analyst
Infrastructure Finance Group
Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Monica Merli
MD - Infrastructure Finance
Infrastructure Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Interfax Rating Agency
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Interfax takes rating actions on six Russian utility and infrastructure GRIs