Fitch Ratings is maintaining OJSC Moscow Integrated Power Company's (MIPC) Long-term foreign and local currency Issuer Default Ratings (IDR) of 'BB+' on Rating Watch Negative (RWN), the rating agency informed.
This follows the recent ownership change driven by the City of Moscow's (BBB/Stable/F3) sale of its 89.98% stake in MIPC to OOO Gazpromenergoholding, a 100% subsidiary of OAO Gazprom (BBB/Stable) for RUB98.6bn.
Fitch Ratings has maintained the National Long-term Rating of 'AA(rus)' on RWN, affirmed the Short-term Foreign Currency IDR at 'B', maintained the National Short-term Rating of 'F1+(rus)' on RWN.
The RWN reflects uncertainty related to the new owner's strategy regarding MIPC including funding and capex, and any potential changes to the City of Moscow's subsidies for uneconomic tariffs following the recent sale.
Following the recent disposal, Fitch will re-consider incorporating the City of Moscow's support into MIPC's ratings under the agency's Parent-Subsidiary Rating Linkage methodology.
OJSC Moscow Integrated Power Company (MIPC, name as per Articles, Russian: MOEK, tax number: 7720518494) supplies heat and hot water to 70% of residential and office buildings, industrial facilities and social institutions of Moscow. MIPC is present in all segments of the power market: production, distribution and sale of thermal energy as well as production of electric power.
IFRS net loss of OJSC Moscow Incorporated Power Company for 2012 dropped 9.69-fold to RUB 170 million from RUB 1.648 billion the year before. Revenue grew by 3.12% to RUB 93.526 billion from RUB 90.698 billion, operating profit decreased by 41.52% to RUB 1.366 billion from RUB 2.336 billion, pre-tax profit by 0.07% to RUB 1.474 billion from RUB 1.475 billion.
RAS net loss of OJSC Moscow Integrated Power Company (MIPC) for H1 2013 decreased 6.62-fold to RUB 801.617 million from RUB 5.308 billion the year before. Revenue grew by 22.34% to RUB 55.091 billion from RUB 45.029 billion, sales loss decreased by 7.94% to RUB 8.034 billion from RUB 8.727 billion, pre-tax profit was RUB 530.273 million against a loss of RUB 5.057 billion in H1 2012.
"AK&M", 04.10.2013 14:44