Fitch gives EN+ Group BB-

Fitch Ratings said it assigned EN+ Group IPJSC a long-term foreign-currency issuer default rating at BB- with a stable outlook.

“EN+'s issuer default rating reflects our view of its power segment after deconsolidating UC Rusal,” the agency said in a news release.

“Although majority owned by EN+, Rusal is operationally and financially managed relatively independently of EN+ and so is also rated reflecting its standalone credit profile.

“The rating is underpinned by EN+'s market position as one of the largest power generation companies in Russia responsible for about 8% of total installed capacity, its low-cost hydro generating facilities, which enhances group profitability compared with thermal generators, and vertical integration.”

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