RAO UES 'BB' And Federal Grid Co. 'BB+' Ratings On Watch Positive After Restructuring News Oct 07

Standard & Poors, October 2007

Abstract
LONDON (Standard & Poor's) Oct. 31, 2007--Standard & Poor's Ratings Services said today it placed its 'BB' long-term corporate credit rating and 'ruAA' Russia national scale rating on RAO UES of Russia, the 52.7% Russian government-owned holding company of Russian energy utility RAO UES group, on CreditWatch with positive implications. At the same time, the 'BB+' long-term corporate credit rating and the 'ruAA+' Russia national scale rating on Russian electricity transmission grid operator Federal Grid Co. of the Unified Energy System (FGC), the 87.6% subsidiary of RAO UES, were also placed on CreditWatch with positive implications. The rating actions on RAO UES and FGC follow shareholder approval for the second stage of RAO UES' restructuring and merger with FGC. "The...

Companies mentioned in this report are: RAO UES of Russia,Federal Grid Co. of the Unified Energy System
Action: On CreditWatch:Positive

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

RAO UES of Russia,Federal Grid Co. of the Unified Energy System

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