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Fitch Downgrades Moscow Integrated Power Company to 'BB', Negative Outlook

Fitch Ratings has downgraded OJSC Moscow Integrated Power Company's (MIPC) Long-term foreign and local currency Issuer Default Ratings (IDR) to 'BB' from 'BB+' and removed them from Rating Watch Negative, the rating agency informed.

The short-term foreign currency IDR is affirmed at 'B', national Short-term Rating at 'F1+(rus)', all the ratings are removed from RWN.

The rating actions reflect a revision in Fitch's rating approach for MIPC driven by the ownership change following the City of Moscow's (BBB/Negative/F3) sale of its 89.98% stake in MIPC to Gazprom Energoholding, a 100% subsidiary of Gazprom (BBB/Negative).

Fitch has revised its rating approach under its Parent and Subsidiary Rating Linkage methodology to bottom-up, which is based on the standalone rating of MIPC of 'BB-'/Negative and a one-notch uplift for the support of its major shareholder, Gazprom Energoholding.

Fitch considers the strategic and operational ties between MIPC and its parent company as strong, and legal ties as limited. Fitch would expect timely financial support to be available if the need arises.

JSC Moscow Integrated Power Company (MIPC, 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. The company's principal shareholder is Gazprom energoholding (90.048% of shares),

IFRS net loss of JSC 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.

According to the DataCapital information retrieval system, RAS net loss of MIPC for 2013 decreased by 29.63% to RUB 8.003 billion from RUB 11.374 billion the year before. Revenue increased by 12.88% to RUB 96.835 billion from RUB 85.788 billion, sales loss 6.6-fold to RUB 9.871 billion from RUB 1.497 billion, loss before tax by 11.84% to RUB 11.515 billion from RUB 10.296 billion.

"AK&M", 14.04.2014 18:32


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