Federal hydropower company HydroOGK, established in December 2004 to consolidate hydropower assets, also received a short-term A-3 and Russia national scale ruAAA rating with a positive outlook from S&P, and a national long-term rating of AA+(rus) from Fitch.
S&P said HydroOGK's ratings reflected the company's strategic importance for the Russian government and support from the state, its strong positions on the growing national electric power market, the low cost level and geographically diversified portfolio of electric power plants, and also the low debt level.
Fitch said HydroOGK's ratings reflected the company's improving financial performance and the fact that a controlling stake is held by the state, and also its well-established ties with key government departments responsible for decision-making in the sector.
HydroOGK unites about 50 hydropower plants across Russia with installed capacity of more than 24,000 MW.
