Moody's affirms Enel OGK-5's ratings

Moody's Investors Service said it affirmed the corporate family rating of OJSC Enel OGK-5, the Russian wholesale thermal power generator, at Ba3.

The outlook is stable.

At the same time, Moody's Interfax Rating Agency, which is majority owned by Moody's, affirmed the company's Aa3.ru national scale rating.

Moody's said the rating affirmation considers Enel OGK-5's relatively high business risk profile as a wholesale thermal power generator operating in the still developing regulatory and market framework of the Russian power sector, and, more broadly, immature domestic operating environment, with risks heightened by the currently weak economic conditions.

The affirmation also considers the company's reasonably sustainable financial performance, medium-term financial prospects and liquidity profile and advantages of its shareholder structure, which is dominated by the Italian leading utility Enel SpA and has included the Russian government (rated Baa1/stable) as a blocking shareholder (a 26.43% stake), the agency said.

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