Moody's affirms OJSC Moesk

Moody's said it affirmed the Ba2 corporate family rating for OJSC Moesk, along with its Aa2.ru national-scale rating.

The outlook was changed to stable from positive.

The outlook change reflects Moody's view that the level of the state support incorporated in the ratings remains stable rather than growing as the Moscow government has postponed a further increase in its stake in the company. The expected increase was a key factor in the positive outlook, the agency said.

Worsening economic conditions and the credit crunch, which put pressure on the demand for the company's services, its cash generation and liquidity profile also were considerations in the stabilization of the outlook, Moody's said.

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