On Nov. 20, 2018 Moody’s Investor Service has confirmed the corporate family rating (CFR) of IDGC of Urals at Ba1 (Stable outlook).
OAO IDGC of Urals' Ba1 corporate family rating reflects its robust financial profile, with three-year average funds from operations (FFO) interest coverage of around 9.0x and three-year average FFO/net debt of around 65%, together with Moody’s expectation that the company's debt metrics will remain within the guidance for the current rating.
IDGC of Urals' Ba1 rating implicitly benefits from government support because the company is part of the state-owned PAO Rosseti (Ba1 positive) group. Moody’s analysts expect the state to step in with extraordinary support to avoid a payment default by the company if necessary. Such support is driven by the company's strategic role for the economy of the region.
Factors that could lead to an upgrade:
Factors that could lead to a downgrade:
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