Moody's rates Atomenergoprom Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured issuer rating to JSC Atomenergoprom, the holding company for numerous subsidiaries that form the civil Russian nuclear industry.

Following the rating assignment, Moody's Interfax Rating Agency assigned an Aaa.ru national scale rating to the company.

The outlook is stable.

The Russian government ultimately owns and controls Atomenergoprom through the State Atomic Energy Corp. Rosatom (Rosatom), which is responsible for the whole Russian nuclear industry, including the military applications division, which is not consolidated by Atomenergoprom.

As a result, Moody's said it considers Atomenergoprom a government-related issuer. In accordance with Moody's rating methodology for government-related issuer, Atomenergoprom's Baa2 rating incorporates a significant uplift to the company's standalone credit quality as measured by a baseline credit assessment of ba2.

The uplift is driven by the credit quality of the Russian government and Moody's assessment of very high default dependence between the company and the government, as well as high probability of support for Atomenergoprom from the government in the event of financial distress, the agency said.

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