Fitch maintains Moscow Integrated Power on Rating Watch Negative on ownership change
LONDON. Oct 4 (Interfax) - Fitch Ratings is maintaining Moscow Integrated Power Company's (MOEK) 's Long-term foreign and local currency Issuer Default Ratings (IDR) of "BB+" on Rating Watch Negative (RWN), the rating agency said in a press release on Thursday.
The move follows the recent ownership change driven by the "City of Moscow's (BBB/Stable/F3) sale of its 89.98% stake in MOEK to Gazpromenergoholding LLC, a 100% subsidiary of Gazprom (BBB/Stable) for 98.6 billion rubles," Fitch said.
"The RWN reflects uncertainty related to the new owner's strategy regarding MOEK including funding and capex, and any potential changes to the City of Moscow's subsidies for uneconomic tariffs following the recent sale," it said.
MOEK supplies heat and electricity to the capital city region.
