Moody’s reviews Russian utility, infrastructure GRIs

Moody's Investors Service said it placed the ratings of 12 Russian utility and infrastructure companies government-related issuers (GRIs) and their subsidiaries on review for downgrade.

This action follows Moody's March 4 placement of Russia's Ba1 government bond rating on review for downgrade.

The following ratings were placed on review:

• Atomenergoprom, JSC: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating;

• Federal Grid Finance Ltd.: Provisional Ba1 senior unsecured medium-term note program and Ba1 senior unsecured bonds;

• FGC UES: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating;

• IDGC of Center and Volga Region: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• IDGC of Urals: Ba1/Aa2.ru corporate family rating and Ba1-PD probability of default rating;

• IDGC of Volga: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Inter RAO: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Lenenergo: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Moesk: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• Novorossiysk Commercial Sea Port: Ba3/Aa3.ru corporate family rating and Ba3-PD probability of default rating;

• OAO AK Transneft: Ba1/Aa1.ru corporate family rating and Ba1-PD probability of default rating;

• Rosseti: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating;

• RusHydro: Ba2/Aa2.ru corporate family rating and Ba2-PD probability of default rating; and

• TransCapitalInvest Ltd.: Ba1 senior unsecured bonds.

Moody’s said the actions reflect its view that a sustained sharp fall in oil prices, which it expects to remain low for several years, will heighten risks for both Russia's economic performance and the Russian government balance sheet in the coming years, including the government financing options.

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