Research Update: Russian Heating Utility Moscow Integrated Power Company Cut To 'BB/ruAA' On Aggressive Liquidity Policy; On Watch Neg May 11

Standard & Poors, May 2011

Abstract
We view Russian Heating Utility Moscow Integrated Power Company's (MIPC's) liquidity management as aggressive, as it maintains a significant reliance on short-term borrowings. We have revised MIPC's stand-alone credit profile to 'b' from 'bb-' to reflect its weak stand-alone liquidity arrangements and lack of clear financial policies. We are lowering the long-term and national scale ratings on MIPC to 'BB/ruAA' from 'BB+/ruAA+' and placing them on CreditWatch with negative implications The CreditWatch placement reflects our assessment of near-term refinancing risk for MIPC. On May 27, 2011, Standard & Poor's Ratings Services lowered its long-term corporate credit and Russia national scale ratings on Russian heating utility provider Moscow Integrated Power Company, JSC (MIPC) to 'BB/ruAA' from 'BB+/ruAA+' and placed them on...

Companies mentioned in this report are: Moscow Integrated Power Company, JSC
Action: Downgraded
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Moscow Integrated Power Company, JSC

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