Moody’s upgraded RusHydro's long-term credit rating to Russia’s sovereign level
September 8, 2017. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that it has been informed by Moody’s Investors Services Ltd, that the agency has raised RusHydro's long-term credit rating on international scale to the level of Russia’s sovereign rating (Ba1 outlook/stable).
Moody’s report notes that the upgrade of the long-term rating reflects systemic improvement of performance, reduction of debt load, improved creditworthiness and solid liquidity position, as well as higher government support. Moody's Investors Service expects the company’s financial metrics to remain broadly at current levels over the coming years.
Nikolay Shulginov, Chairman of the Management Board - General Director of RusHydro: “We are aiming at achieving strong operational and financial results and will definitely continue our efforts at strengthening financial stability, increasing transparency and efficiency of RusHydro Group. We will do everything in our power for RusHydro to keep enjoying high trust as a reliable state-owned utility company.”
This is already a third revision of RusHydo’s long-term rating during 2017. In April, S&P Global Ratings upgraded the rating to sovereign level BB+, and in June Fitch Ratings upgraded outlook to stable. These rating actions testify comprehensive improvement in the Company and strengthening of RusHydro’s financial profile.
RusHydro Group is one of Russia’s largest generating companies. RusHydro is the leading producer of renewable energy in Russia with over 70 generating facilities in Russia and abroad. The company also manages a number of R&D, engineering and electricity retail companies. Group’s thermal assets are operated by subsidiary – RAO Energy System of East in the Far East of Russia. Total electricity generation capacity of the Group is 38.9 GW, heat capacity – 16.2 thousand GCal/h. Russian Federation owns 60.6% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company’s stock is traded on Moscow Exchange (MOEX), and included in MSCI EM и MSCI Russia indexes. Company’s GDRs in the IOB section of LSE, ADRs – in OTCQX.
Full text of the Moody’s report is available on: https://www.moodys.com
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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