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Federal Grid Co. of the Unified Energy System Sep 11
Standard & Poors, September 2011
Monopoly operations. "Very high" likelihood of government support in the event of financial distress, in our view. Relatively stable cash flows from regulated activities. A robust financial profile and moderate financial policy. Ambitious medium-term investment program, which is likely to lead to negative free operating cash flows and a gradual increase in debt leverage. Execution risk and potential for cost overruns relating to the investment program. Limited record of operation under the new tariff regime and government's attempts to manually control electricity tariffs. Aging operating assets. The ratings on Russia-based Federal Grid Co. of the Unified Energy System (FGC), the 79.48% state-owned electrical transmission grid company and system operator, reflect Standard & Poor's Ratings Services' opinion that there is a...
Companies mentioned in this report are: Federal Grid Co. of the Unified Energy System,FGC Finance Ltd.
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: Full Analysis
Federal Grid Co. of the Unified Energy System,FGC Finance Ltd.