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Fitch maintains Moscow Integrated Power Company (BB+) on RWN

Fitch Ratings is maintaining JSC 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.

The National Long-term Rating of 'AA(rus)', National Short-term Rating of 'F1+(rus)' are also maintained on RWN. The Short-term Foreign Currency IDR is affirmed at 'B'.

The RWN reflects the City of Moscow's (BBB/Stable/F3) sale of its 89.98% stake in MIPC to OOO Gazprom Energoholding, a 100% subsidiary of OAO Gazprom (BBB/Stable) for RUB98.6bn and is pending a revision of MIPC's business plan. Fitch expects to review the company's updated business plan and resolve the RWN within the next three weeks.

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.

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", 25.03.2014


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