Fitch rates Mosenergo BB+

Fitch Ratings said it assigned OJSC Mosenergo long-term foreign and local currency issuer default ratings of BB+ and a short-term foreign currency IDR of B. Fitch has simultaneously assigned it a national long-term rating of AA(rus).

The outlooks on the long-term ratings are stable.

Mosenergo's rating of BB+ benefits from a one-notch uplift for the parental support from its majority shareholder Gazprom Energoholding, a 100% subsidiary of OAO Gazprom (BBB/stable).

Mosenergo's stand-alone rating of BB reflects its strong market position in electricity and heat sales in Moscow and the Moscow region, the most dynamically growing and lucrative region in Russia, its solid financial profile, and conversely its exposure to the wholesale electricity prices and heat tariffs, rising fuel costs and uncertainty inherent in its operating environment in the medium-term, Fitch said.

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