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Moody's Interfax assigns Aa2.ru NSR to IDGC of Urals; stable outlook

October 12, 2012
Moscow, October 12, 2012 -- Moody's Interfax Rating Agency has today assigned an Aa2.ru national scale rating (NSR) to JSC IDGC of Urals (IDGC of Urals), a Russian electricity distribution grid business servicing three regions in the Urals and a core operating company of state-controlled IDGC Holding (Ba1 developing/Aa1.ru). This is the first time Moody's Interfax has assigned an NSR to IDGC of Urals. Moody's Interfax is majority-owned by Moody's Investors Service (MIS).

Please see ratings tab on the issuer/entity page on moodys.com for information on Global Scale Rating.

RATINGS RATIONALE

Moody's Interfax's assignment of the NSR to IDGC of Urals follows MIS's assignment of the Ba2 global scale corporate family rating (CFR) to the company. Please see MIS's press release of 12 October 2012 for details.

The principal methodology used in this rating was Regulated Electric and Gas Networks published in August 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Headquartered in the city of Yekaterinburg, Russia, IDGC of Urals is an interregional electricity distribution grid business, focused on three regions in the Urals: Yekaterinburg, Chelyabinsk and Perm regions. The company's key regulated grid business accounts for around 79.5% (77.1% from electricity transmission and 2.4% from connection charges) of 2011 total revenues of RUB62 billion (US$2.1 billion). The remaining part of revenues is mainly derived from electricity sales by the company's electricity sales subsidiary. The largest shareholder of IDGC of Urals is state-controlled IDGC Holding (Ba1 developing), which holds 51.5% of the company's voting shares.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ru" for Russia. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in March
2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

Company — IDGC of Urals
  • Full name
    Interregional Distributive Grid Company of Urals
  • Registration country
    Russia
  • Industry
    Power