S&P gives RusHydro notes BBB-

S&P said it assigned its BBB- long-term debt rating to a proposed issue of loan participation notes by RusHydro Capital Markets DAC, a financing vehicle of RusHydro PJSC.

RusHydro is rated BBB- and the notes’ rating reflects that because they will be backed by senior unsecured obligations of RusHydro with equivalent payment terms, S&P said

“We believe that RusHydro is willing and able to support RusHydro Capital Markets DAC to ensure full and timely payment of interest and principal when due on the LPNs, including any of the entity’s expenses. Under the terms of the issuance, noteholders have direct access to the company and effectively face only RusHydro’s credit risk. The share of priority debt in RusHydro’s capital structure is well below 50%,” S&P said in a press release.

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