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Gold/Mining/Energy : Mosenergo ADR

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From: Copperfield	3/2/2006 12:04:15 PM
	of 241

S&P rates Moscow power generator ruBBB+ ............................ 16:40 \| 02/ 03/ 2006 MOSCOW, March 2 (RIA Novosti) - International ratings agency Standard & Poor's said Thursday it had assigned its ruBBB+ national-scale rating to Moscow-based power generator Mosenergo. The agency said it had "assigned its 'ruBBB+' Russia national scale rating to Mosenergo's proposed Russian ruble (RUR) 5 billion unsecured bonds due 2016." "The ratings on Mosenergo reflect the company's high exposure to the risk associated with ongoing reform of the Russian regulatory framework, and the possibility of political influence on the tariff-setting process," S&P said. "Other risk factors include the company's ambitious investment program that creates significant external funding requirements, high contingent liabilities, and weak liquidity." "These risks are offset by Mosenergo's strong competitive position in the relatively lucrative, solvent, and growing Moscow region... together with its diversified combined heat and power generation portfolio," the agency said.

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