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Published on 8/1/2018 in the Prospect News Emerging Markets Daily.

Fitch upgrades RusHydro

Fitch Ratings said it upgraded PJSC RusHydro's long-term foreign-currency issuer default rating to BBB- from BB+.

The outlook is stable.

The agency said the upgrade reflects RusHydro's stronger standalone credit profile.

“This is driven by improved credit metrics from better than expected performance and the termination of the surety for Boguchanskaya Hydro Power Plant's (HPP) obligations,” Fitch said in a news release.

Fitch said it rates RusHydro under its government-related entities rating criteria, applying a one-notch uplift to the rating, reflecting the company's links with the Russian Federation (BBB-/positive).


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