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Global Credit Research - 11 Oct 2010
Moscow, October 11, 2010 -- Moody's Investors Service has today assigned a (P)Ba1 rating with stable
outlook to the proposed rouble-denominated Loan Participation Notes
to be issued by RusHydro Finance Limited, a special purpose vehicle,
incorporated under the laws of Ireland, of JSC RusHydro ("RusHydro"),
for the sole purpose of financing a loan to RusHydro.
The (P) Ba1 rating assigned to the Notes is equivalent to RusHydro's
corporate family rating, given that RusHydro Finance is issuing
the Notes for the sole purpose of financing a loan to RusHydro and therefore
Noteholders are relying solely on the latter's creditworthiness to service
and repay the Notes. RusHydro will use proceeds of the respective
loan for general corporate purposes, including investments.
The provisional rating and provisional LGD assessment of LGD4 are based
on the assumption that the Notes will rank pari passu with other senior
unsecured and unsubordinated financial indebtedness of RusHydro (apart
from obligations mandatorily preferred by law). The proposed Notes
are subject to some restrictions and covenants, including a limitation
on incurrence of indebtedness. Moody's issues provisional ratings
in advance of the final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only. Upon
a conclusive review of the final documentation, Moody's will endeavour
to assign a definitive rating to the Notes. A definitive rating
may differ from a provisional rating.
Moody's regards RusHydro as a government-related issuer (GRI).
In accordance with Moody's GRI rating methodology, the ratings of
RusHydro and of the proposed Notes incorporate uplift from RusHydro's
standalone credit quality measured by a Baseline Credit Assessment (BCA)
of 13 (on a scale of 1 to 21 and equivalent to Ba3). The uplift
to the BCA is driven by the credit quality of the Russian government,
which owns around 60% of the company's shares, and
Moody's assessment of strong probability of state support in the event
of financial distress, as well as high default dependence between
the company and the government.
RusHydro's ratings remain constrained by the low visibility of the evolution
of its credit profile in the medium term, with headroom under the
company's financial metrics regarded as transitional. At the same
time, the ratings are underpinned by the company's strong
business fundamentals as Russia's largest low-cost hydro generator,
which is well positioned to benefit from the liberalisation of Russia's
wholesale power market and should be able to absorb the risks of market
The outlook on the ratings is stable, factoring in the headroom
in the company's financial profile at the end of 2009 and its expected
medium-term development within the current rating category and
acceptable liquidity. Moody's currently considers an upward revision
in RusHydro's ratings to be unlikely in the near term as the company's
credit profile is expected to evolve, pressured by the challenges
both specific to the company and the Russian electric utility sector.
RusHydro's BCA could be negatively impacted, if there were a negative
shift in the evolving regulatory and market framework and the company
failed to limit deterioration of its financial profile, with the
Debt-to-EBITDA ratio above 3x, while FFO interest
coverage and the RCF-to-Debt ratios fall below 5.0x
and 30%, respectively. The company's inability to
maintain adequate liquidity could also pressure the rating. Negative
pressure on the rating could also result from Moody's assessment of a
material reduction in the probability of state support.
The principal methodologies used in rating RusHydro were Government-Related
Issuers: Methodology Update published in July 2010 published in
July 2010 and Rating Methodology for Global Unregulated Utilities and
Power Companies published in August 2009. Other methodologies and
factors that may have been considered in the process of rating this issuer
can also be found on Moody's website.
Headquartered in Moscow, RusHydro is Russia's largest generator
of hydro electricity. RusHydro is controlled by the Russian government,
whose stake in the company is approximately 60%. In 2009,
the company's contribution to Russia's total installed capacity and electricity
output was around 12%, if the SS HPP capacity was counted,
and 9%, respectively. In 2009, RusHydro's IFRS
revenues were RUB115.6 billion (approximately USD3.7 billion).
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
public information, confidential and proprietary Moody's Investors
Service's information, confidential and proprietary Moody's
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
MOODY'S adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
MOODY'S considers to be reliable including, when appropriate,
independent third-party sources. However, MOODY'S
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Vice President - Senior Analyst
Corporate Finance Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091
MD - Infrastructure Finance
Moody's Investors Service Ltd.
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Moody's Eastern Europe LLC
Moody's rates RusHydro's Notes (P)Ba1
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No Related Data.
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