On October 25, Fitch Ratings assigned Russia-based JSC Federal Grid Company UES (FedGrid) Long-term foreign currency and local currency Issuer Default Ratings of 'BBB'. The Outlook is Stable, the company informed.
The Short-term Foreign Currency IDR is assigned at 'F3', the Long-term National Rating at 'AAA(rus)' with Stable Outlooks.
Senior unsecured local currency rating is assigned at 'BBB'.
OJSC Federal Grid Company of Unified Energy System (FGC UES, tax number: 4716016979) is the owner and operator of the Federal Grid. FGC UES operating 132 thousand kilometers of transmission lines, 891 substations with the total installed transformer capacity over 334.8 thousand MVA is the world's largest grid company by the length of power transmission lines and the transformer capacity of 220 kV and more. Pursuant to the RF President's Decree dated June 14, 2013, the state-owned 79.64% stake in OJSC FGC UES was contributed to the authorized capital of Russian Grids to complete the key stage of the structural reorganization process for the bulk transmission and distribution grid assets.
IFRS net loss of OJSC FGC UES for H1 2013 was RUB 10.919 billion against a profit of RUB 3.978 billion the year before. Revenue grew by 13.33% to RUB 75.826 billion from RUB 66.909 billion, operating profit decreased by 31.1% to RUB 10.551 billion from RUB 15.313 billion, loss before tax was RUB 11.241 billion against a profit of RUB 4.635 billion.
According to the information and retrieval system DataCapital, RAS net loss of OJSC FGC UES for H1 2013 increased 242.05-fold to RUB 4.659 billion from RUB 19.247 million for the same period in 2012. Revenue grew by 12.75% to RUB 74.816 billion from RUB 66.356 billion, sales profit decreased by 14.93% to RUB 9.961 billion from RUB 11.71 billion, loss before tax was RUB 573.35 million against a profit of RUB 4.642 billion.