S&P rates RusHydro notes BB+

S&P said it assigned a BB+ long-term issue rating to the proposed loan participation notes of PJSC RusHydro.

The notes will be issued by Rushydro Capital Markets DAC, an orphan financing vehicle of RusHydro.

The rating on the proposed notes mirrors the long-term local-currency rating on RusHydro, S&P said.

The proposed notes are backed by senior unsecured obligations of RusHydro with equivalent payment terms, the agency said, and that RusHydro Capital Markets DAC is a new strategic financing entity set up solely to raise debt on behalf of the RusHydro group.

S&P also said it believes RusHydro is willing and able to support Rushydro Capital Markets DAC to ensure full and timely payment of interest and principal when due on the notes.

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