OREANDA-NEWS. RusRating has assigned a credit rating of “BB” (international scale with a stable outlook) to Sangtudinskaya GES-1 (Tajikistan).

According to the agency, the rating is based on a moderate debt burden, good operating margin, and the support from Russian state-owned companies.

Constraining factors include the Company’s high political risks.

Sangtudinskaya GES-1 (JSC) is a joint venture of the Russian Federation and the Republic of Tajikistan, formed on 16 February 2005 to complete the construction and ongoing operation of hydropower plants on the river Vakhsh in Tajikistan. Currently, the plant provides about 15% of the electricity generated in Tajikistan with a capacity of 670 MW. The Russian State Corporation Rosatom and “INTER RAO UES” (JSC) holds 75% minus 1 share, and the Republic of Tajikistan - 25% plus 1 share of the authorized capital.

The Company is currently characterized by a moderate debt burden. The operating margin of the Company is good. The Company’s assets consist primarily of fixed assets provided by hydroelectric power. Sensitivity to risk is moderate. Liquidity is sufficient.

About RusRating:

RusRating is an independent rating agency accredited by the Ministry of Finance of the Russian Federation. The company was set up in 2001 and is a member of the GlobalRating group. Its primary services are the provision of credit ratings to banks, industrial firms and their debt instruments; it also provides analysis of various aspects of the Russian financial sector.