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Atomic Energy Power Corp. (JSC) Dec 11
Standard & Poors, Dec 2011
Abstract
Our view of a 'very high' likelihood of government support for the company in the event of financial distress. The government's provision of asset transfers, large capital injections, and political backing. A vertically integrated business model, with full nuclear cycle capabilities and a monopoly in Russia. Favorable outlook for Russian nuclear industry growth. Complex and evolving structure with a nascent track record of operations. High operational and construction-related contingent exposures. Ambitious capital-expenditure program, leading to heavily negative free operating cash flows, albeit partly state financed with capital injections. The ratings on Russian state-owned Atomic Energy Power Corp. (JSC) (AtomEnergoProm) reflect Standard & Poor's Ratings Services' view of the company's 'satisfactory' business risk profile and 'significant' financial risk profile. The ratings...
Companies mentioned in this report are: Atomic Energy Power Corp. (JSC),Russian Federation
Action: Review
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
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