S&P lowers RusHydro

Standard & Poor’s said it lowered the ratings on RusHydro OJSC to BB/B from BB+/B, along with its Russia national scale rating to ruAA from ruAA+.

The outlook is stable.

The downgrade follows a similar action on Russia, S&P said.

The agency said it continues to see a moderately high likelihood that the Russian government would provide timely and sufficient extraordinary support to RusHydro in the event of financial distress.

The stable outlook reflects RusHydro’s good competitive position, supported by its low cost base, S&P said.

These factors should offset the execution and funding risks associated with the group's ambitious investment program, the agency said.

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