16 Jan 2015 12:33
Fitch takes rating actions on Federal Grid Company on sovereign downgrade
Moscow, 16 January 2015
On 9th January 2015, Fitch downgraded Russia's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'BBB-' from 'BBB'. The Outlooks on the Long-term IDRs are Negative.
On 13 January 2015, after review of the sovereign rating in accordance with methodology of Fitch the credit rating of the state-owned issuers were notched down.
Consequently JSC Federal Grid Company of Unified Energy System long-term foreign and local currency IDRs were placed at the level of Russia's rating equal to 'BBB-', the Outlook is Negative, Short-term foreign currency IDR was affirmed at «F3».
Key Rating Driving and Rating Sensitivities are disclosed at "Fitch Rates JSC Federal Grid Company UES "BBB"; Outlook Stable" dated 25 October 2013 at www.fitchratings.com.
Enquiries: |
Analysts / investors | ||
Office | ||
Egor Toropov | +7 (495) 710 9333 ext. 2275 | |
Alexey Novikov | +7 (495) 710 9333 ext. 2143 | |
International media | ||
ЕМ | Office | Mobile |
Tom Blackwell | +7 (495) 363 2841 | +7 (919) 102 9064 |
Sam VanDerlip | +44 20 3709 5714 | +44 7554 993 032 |
About Federal Grid Company
Federal Grid Company is part of OJSC Russian Grids is the operator and manager of Russia's unified electricity transmission grid system. The company operates over 135.1 thousand km of transmission lines and has over 334 MVA of installed transformer capacity. Based on the length of transmission lines and transformer capacity in place, Federal Grid is the largest publicly traded electricity transmission company in the world.
Federal Grid's business is to provide electricity transmission and technological connection services.It maintains and develops the grid system and supervises grid facilities and infrastructure in75 regions of Russia, covering a territory of 14.8 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises. The Company is a natural monopoly with 80.13% stake controlled by Russian Grids.
Federal Grid Company was incorporated in June 2002 as part of reorganisation of Russia's electrical power industry.
Federal Grid Company's common shares are included on Moscow Exchange under the ticker FEES and the Company's GDRs are listed on the London Stock Exchange and traded under the same FEES symbol.
In the first half of 2014 the Company's IFRS consolidated revenue was RUB 85,360 million, while adjusted EBITDA was RUB 49,892 million, and adjusted profit for the period was RUB 19,379 million.
Further information can be found at www.federal-grid.com