Fitch rates Moscow Integrated Power bonds BB+

Fitch Ratings said it affirmed OJSC Moscow Integrated Power Co.'s long-term foreign-currency issuer default rating at BB+, short-term foreign-currency issuer default rating at B, national long-term rating at AA(rus) and short-term rating at F1+(rus).

The agency also said it assigned a long-term local-currency issuer default rating at BB+, local-currency senior unsecured rating of BB+ and a national senior unsecured rating of AA(rus) to the company's RUB 6 billion bonds maturing in 2013.

The outlook is positive.

The ratings are linked to those of its majority shareholder, City of Moscow, Fitch said, and reflect their strong operational and strategic ties.

The company continues to receive equity injections from Moscow and received large subsidies from the city for uneconomic residential utility tariffs, the agency said.

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