Fitch: Russia companies could see lift

Fitch Ratings said it believes that the increasingly positive operating environment in Russia may translate into rating upgrades in 2011.

This reflects the operational and financial prospects for Russian corporations, which are now generally more favorable than in 2009.

But, the background of continued uncertainty about the global economy, Fitch said, and possible fall-out from currency and commodity price movements will continue to act as a drag on positive rating momentum.

Following the outlook revision on Russian Federation's BBB rating to positive, Fitch said it changed the outlooks to positive on OAO AK Yakutskenergo (BB ratings), JSC RusHydro (BB+ ratings) and Sukhoi Civil Aircraft JSC (BB ratings), as well as OJSC Moscow Integrated Power Co. (BB+ ratings), which is indirectly owned and controlled through the City of Moscow (BBB ratings).

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