Research Update: Russian Heating Utility Moscow Integrated Power Company Cut To 'BB/ruAA' On Aggressive Liquidity Policy; On Watch Neg May 11
- ID: 1807549
- May 2011
- Region: Russia
- Standard & Poors
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: On CreditWatch:Negative
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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.
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