Fitch revises ratings of 5 Russian companies.

By bne IntelliNews September 14, 2010
Following last week's revision of Russia's sovereign ratings (affirmation of long-term IDR at BBB and outlook upgrade from Stable to Positive), Fitch Ratings revised the outlooks of five Russia's state-controlled companies. Namely, Sukhoy Civil Aviation had its long-term/short-term foreign and national IDR affirmed at BB/B and national long-term rating at AA-(rus), while outlook on the rating was upgraded from Stable to Positive, reflecting strong ties of the company with the state (75% minus one share held by the state. Power producer RusHydro had its long-term foreign currency IDR affirmed at BB and national scale rating at AA(rus), with outlook upgraded from Stable to Positive. Company's ratings are taking into account its strategic importance, and reliance on state investment and financing. Power generator YakutsEnergo had its long-term foreign/local currency rating affirmed at BB/BB, national rating affirmed at AA-(rus) and outlook changed from Stable to Positive. Railways monopoly Russian Railways (RZD) had its long-term/short-term foreign and local currency IDR affirmed at BBB/F3, national scale rating at AAA(rus), outlook remaining Stable. RZD's ratings are supported by strong ties with the state, but timely and full financial support from the state is not directly guaranteed, Fitch notes. RZD's subsidiary TransContainer had its long-term/short-term foreign and local currency IDR affirmed at BB+/B, national scale rating at AA(rus), outlook remaining Stable. Ratings reflect strong operational and strategic ties with RZD, but remain two-notch-down below RZD ratings due to Fitch's methodology on rating subsidiaries.

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