Fitch rates OGK-2 BB

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BB to PJSC The Second Generating Co. of Wholesale Power Market (OGK-2).

The outlook is stable.

The BB rating considers a one-notch uplift to the company’s BB- standalone rating for parental support from its ultimate majority shareholder PAO Gazprom, Fitch said.

OGK-2’s standalone rating is underpinned by its position as one of the largest power generators in Russia and cash-flow generation from capacity sales under the Capacity Supply Agreements, the agency said.

The stable outlook reflects the company’s ability to commission its new units and transfer the 420 megawatt unit of Serovskaya GRES to PJSC Inter RAO, Fitch said.

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