S&P: Federal Grid off positive watch

Standard & Poor's said it removed its long-term foreign and local currency corporate credit ratings on Federal Grid Co. of the Unified Energy System, which is 77.66% Russian state-owned, from Creditwatch with positive implications.

At the same time, S&P said it affirmed its BBB long-term local and foreign currency corporate credit ratings and its ruAAA national-scale ratings on the company.

The outlook is stable.

The agency added that the long-term corporate credit ratings on Federal Grid were placed on Creditwatch with positive implications on Oct. 31, 2007, following the completion of the company's merger with its 83.87% parent, RAO UES of Russia.

S&P noted that the rating action follows the outlook revision on the Russian Federation (foreign currency BBB+/negative/A-2; local currency A-/negative/A-2).

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