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S&P affirms Federal Grid
S&P said it affirmed its BBB- long-term issuer credit rating on Federal Grid Co. of the Unified Energy System.
The outlook is stable.
The agency also affirmed the BBB- issue rating on the senior unsecured notes issued by Federal Grid Finance DAC.
“The affirmation reflects our expectation that, after FGC's sale of a 10% stake in listed Russian generation company InterRAO, FGC's average funds from operations (FFO) to debt will be in the 30%-40% range in 2018-2019, supported by relatively stable cash flows from its regulated activities,” S&P said in a news release.
“The affirmation also reflects our continued expectation of a high likelihood of extraordinary support from the Russian government, FGC's ultimate shareholder and regulator.”
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