S&P affirms Moscow United Electric

S&P said it affirmed its BB long-term issuer credit rating on Moscow United Electric Grid Co. PJSC.

The outlook is stable.

The affirmation reflects an expectation that the company will deliver generally stable operating performance over the coming year, with EBITDA increasing broadly in line with inflation, S&P said.

The company faces about RUB 23 billion of debt maturities in 2019, representing about 25% of total debt.

The agency said the stable outlook reflects expectations that the company will maintain funds from operations to debt above 20% and FFO cash interest coverage of about 3.7x to 4.3x in the coming 12 months and will proactively address the debt maturities coming due.

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