Moody's rates IDGC of Volga's CFR, PDR Ba2

Moody's Investors Service said it assigned Ba2 corporate family and probability of default ratings to JSC IDGC of Volga, a Russian electricity distribution grid business servicing seven regions in the European part of Russia and a core operating company of state-controlled IDGC Holding.

Moody's Interfax also assigned an Aa2.ru national scale rating to the company.

The outlook is stable.

Moody's said the ratings mainly reflect mainly reflects IDGC of Volga's higher business risk compared with the generally low risk of regulated grid peers operating in developed markets and its large investment program designed to renovate a depleted asset base which could create pressures on the company's financial profile and liquidity, among other factors.

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