S&P: RAO UES unaffected

Standard & Poor's said a reported 3.7 billion Russian ruble tax claim has no immediate impact on the ratings on RAO UES of Russia (B+/stable/--; ruA+).

To an extent, S&P said the generic tax risk arising from the unpredictability of tax legislation implementation is factored into the ratings on all Russian corporates through the overall country risk assessment.

Although payment of the disputed claim would significantly affect RAO UES' liquidity position, S&P said it would still be manageable given the parent company's RUR5.9 billion available liquidity reserves at April 1.

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