Fitch assigns Enel Russia IDR BB+

Fitch Ratings said it assigned PJSC Enel Russia a long-term foreign currency issuer default rating of BB+ with stable outlook.

Fitch said the BB+ rating is supported by Enel Russia's strong credit metrics, steady generation of solid cash flows through capacity supply agreements (CSAs), ability to generate positive free cash flow (FCF) in contrast to other rated Russian utilities and diversified operations across number of plants, geography, fuel mix and customer base. It has the highest diversity of fuel mix among Russian peers.

At the same time, the rating incorporates Enel Russia's exposure to FX risk, volume and power price risk, volatility of fuel prices, weak Russian power market fundamentals and high regulatory risk, the agency said.

Moody’s rates the company on a standalone basis.

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