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Bulletin: RAO UES, Federal Grid Co. Ratings Unaffected By Potential RAO UES Debt-Funded Share Buyback Sep 07
Standard & Poors, Sep 2007
Abstract
LONDON (Standard & Poor's) Sept. 25, 2007--Standard & Poor's Ratings Services said today its ratings on Russian power utilities RAO UES of Russia (BB/Stable/--) and Federal Grid Co. of the Unified Energy System (FGC; BB+/Positive/--) are unaffected by RAO UES' plan to borrow up to Russian ruble (RUR) 50 billion to finance a potential obligatory share buyback. The buyback may be required after shareholders vote on the company's restructuring plan on Oct. 26, 2007. If the reorganization is approved, RAO UES shareholders that don't support the restructuring may sell their shares to RAO UES at a predetermined price of RUR32.15 per share, exceeding the current market price of RUR30.07 (as of Sept. 25, 2007), which creates liquidity risk for the...
Companies mentioned in this report are: RAO UES of Russia,Federal Grid Co. of the Unified Energy System
Action: Bulletin
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.
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