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
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