S&P: Russian government-related entities unchanged

Standard & Poor's said that its revision of the outlook of the ratings on the Russian Federation to positive from stable did not change its ratings on the following Russian industrial government-related entities: OAO AK Transneft (BBB+/stable), Russian Railways (JSC) (BBB+/stable), Federal Grid Co. of the Unified Energy System (BBB/Watch positive), OAO Gazprom (BBB/stable), Federal Hydrogeneration Co. (OJSC) (BBB-/positive/A-3), OJSC Oil Company Rosneft (BB+/positive), RAO UES of Russia (BB/Watch positive) and Alrosa Co. Ltd. (BB/stable/B).

The agency said that it rates these entities using its bottom-up methodology, assessing a company's stand-alone credit quality, giving any uplift for expected extraordinary state support depending on that company's specific situation and the government's incentives to support it.

The outlook revision on the Russian Federation (foreign currency BBB+/positive/A-2, local currency A-/positive/A-2, Russia national-scale ruAAA) does not automatically trigger any rating actions on these GREs, the agency said.

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