Moody's: Transneft, FGC UES outlook negative

Moody's Investors Service said it confirmed the ratings of Russian government-related utility companies AK Transneft and FGC UES, JSC following the confirmation of Russia's government bond rating, concluding the review that began on April 3. The outlook is negative.

The ratings confirmed are Transneft's Baa1 issuer rating, the Baa1 senior rating assigned to TransCapitalInvest Ltd.’s $1.05 billion loan participation notes, FGC UES’ Baa3 issuer rating and the Baa3 rating assigned to the RUB 17.5 billion notes issued by FGC UES special-purpose vehicle Federal Grid Finance Ltd.

The negative outlook mirrors that on the sovereign. The agency said this reflects the fact that a downgrade of Russia's sovereign rating could result in a downgrade of the companies' ratings.

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