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Moody's withdraws FEGC's ratings

June 7, 2012 Moody's Investors Service
London, 07 June 2012 -- Moody's Investors Service has today withdrawn the B3 corporate family rating (CFR) and B3 probability of default rating (PDR) of JSC Far Eastern Generating Company ("FEGC"), the major power and heat generator in Russia's Far East. Prior to the withdrawal, FECG's ratings carried a stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its Web site, www.moodys.com.

Moody's notes that FEGC has no debt rated by Moody's.

Headquartered in the city of Khabarovsk, Khabarovsky Krai, JSC FEGC ("FEGC") is the largest power and monopoly heat generator in the Russian Far East market. The company is part of the RAO Energy System of East Group, which is majority owned by the government-controlled RusHydro (Ba1 Stable). FEGC's 2011 revenues were RUB51.7 billion (around USD1.7 billion).

REGULATORY DISCLOSURES

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
  • Full name
    Far Eastern Generating Company JSC
  • Registration country
    Russia
  • Industry
    Power