Moody’s drops Russian GRIs

Moody's Investors Service said it downgraded five Russian utility and infrastructure government-related issuers – OAO AK Transneft; Atomenergoprom JSC; RusHydro JSC; Inter RAO JSC; and Rosseti JSC – and confirmed the ratings of FGC UES JSC.

The outlook on all the ratings is negative. The actions conclude the review for downgrade initiated on Dec. 23.

Moody’s said the actions reflect the weakening of the macroeconomic and financial climate in Russia, as reflected by Moody's downgrade of Russia's government bond rating and the Russian foreign currency bond ceiling to Ba1/Not Prime (negative) from Baa3/Prime 3 (review for downgrade) on Feb. 20.

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