February
25, 2013 the international rating agency Standard & Poor's
upgraded the long-term credit rating of IDGC of Centre
on the international scale from the level «BB-» to the
level «BB», outlook «stable». The credit rating on the
national scale was increased from «ruAA-» to «ruAA».
According to the agency, the approval by the Federal
Tariff Service of the Russian Federation of long-term
parameters of tariff regulation for IDGC of Centre
for 2012-2017 decreases regulatory uncertainty in the
sector of electric power transmission.
Standard & Poor's notes that the level of liquidity
of the company is rated as «adequate». Level of debt also
remains at an acceptable level. The ratio of «Debt/EBITDA»,
as the rating agency forecasts, will not exceed 2.5x for several
years.
The rating agency considers IDGC of Centre as a company
associated with the state, and notes a moderate probability
to receive state support by it in an event
of financial difficulties.
The dominant position of the company in the regions
of its service area, relatively stable level of cash flow
from operations for the transmission of electricity
and favourable debt repayment schedule are also emphasized
as positive factors.
The «stable» outlook reflects the rating agency’s opinion that
the company will maintain a moderate level of debt and
acceptable liquidity profile on a regular basis.
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