Fitch upgrades Inter RAO

Fitch Ratings said it upgraded PJSC Inter RAO’s long-term issuer default ratings to BBB- from BB+.

The outlook is negative.

The upgrade was driven by the upgrade of Inter RAO’s standalone rating to BB+ from BB, reflecting improved credit metrics and expectations that the company will maintain a robust financial profile over 2015 to 2018, Fitch said.

The ratings also consider the company’s strong market position, multiple assets, fairly strong efficiency compared with the Russian average and expected contribution to cash flow stability of operations under capacity supply agreements, the agency said.

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