Fitch upgrades OGK-2 to BB+

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

The outlook is stable.

Fitch said the upgrade reflects OGK-2's improved credit metrics on the back of an increased share of revenue generated under capacity supply agreements (CSAs) and its significant contribution to cash-flow stability of operations.

The agency expects that the company will maintain a solid financial profile over 2017-2021 with moderate capex and in spite of Fitch's expectation of higher dividend payments above the company's forecasts.

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