Fitch affirms Moscow Integrated Power

Fitch Ratings said it affirmed JSC Moscow Integrated Power Co.'s long-term foreign- and local-currency issuer default ratings at BB+ with stable outlooks, short-term foreign-currency issuer default rating at B, national long-term rating at AA(rus) with a stable outlook, national short-term rating at F1+(rus), local-currency senior rating at BB+ and national senior rating at AA(rus).

The agency said Moscow Integrated Power's ratings are notched down by two levels from those of the City of Moscow (BBB/stable/F3), its majority shareholder, and reflect their strong operational and strategic ties.

At the end of 2011, Moscow Integrated Power had unadjusted debt of RUB 21.7 billion, up from RUB 9.9 billion a year earlier. Fitch said the increase in debt mainly relates to the replacement of outstanding trade accounts payable to Mosenergo for bank loans from Sberbank of Russia in 2011-12.

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