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S&P downgrades Moscow Integrated Power
Standard & Poor's said it lowered the long-term corporate credit rating to BB- from BB on Moscow Integrated Power Co., along with its Russia national scale rating to ruAA- from ruAA.
The outlook is negative.
The agency also said it removed all of the ratings from CreditWatch with negative implications, where they were placed in December 2012.
The downgrades follow a revision of the likelihood of extraordinary financial support from the City of Moscow to the company, S&P said.
Although Moscow currently directly owns 100% of shares outstanding in Moscow Integrated Power, the agency said it understands the city government has been in negotiations with third parties about a potential sale of a stake in the company.
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