Fitch: Yakutskenergo bonds BB; RusHydro unchanged

Fitch Ratings said it placed OAO AK Yakutskenergo's long-term foreign- and local-currency issuer default ratings of BB and national long-term rating of AA-(rus)on Rating Watch positive.

Fitch also said it assigned a local-currency senior unsecured rating of BB and a national senior unsecured rating of AA-(rus) to Yakutskenergo's RUB 1.2 billion bonds due in 2012 and RUB 3 billion bonds due in 2013. The ratings also were placed on Rating Watch positive.

The positive watch follows news that JSC RusHydro received approval from Russian authorities to acquire more than 75% of Yakutskenergo's common shares, Fitch said.

To resolve the watch, Fitch said it will be reviewing the strength of parent-subsidiary linkage between RusHydro and Yakutskenergo, including RusHydro's strategic plans for Yakutskenergo.

RusHydro's ratings are unaffected by these transactions.

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