S&P assigns Mosenergo bonds BBB+

Standard & Poor's said it assigned its BBB+(ru) Russia national-scale rating to Mosenergo (AO) (B-/positive).

At the same time, S&P said it assigned its BBB+(ru) Russia national-scale rating to Mosenergo's proposed Russian ruble 5 billion unsecured bonds due 2016.

The agency added the ratings on Mosenergo reflect the company's high exposure to the risk associated with ongoing reform of the Russian regulatory framework and the possibility of political influence on the tariff-setting process.

These risks are offset by Mosenergo's strong competitive position in the relatively lucrative, solvent and growing Moscow region, which includes the City of Moscow (foreign currency BBB/stable) and the Moscow Oblast (foreign currency BB-/positive), together with its diversified combined heat and power generation portfolio, S&P said.

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