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Annual Report 2015

In the environment when the tariff increment is lower than the inflation rate for two consecutive years, Federal Grid Company is demonstrating the growth of earnings. Such results could not be achieved without efficiency improvements.

Maria Pichugina

Deputy Chairperson of the Management Board, member of the Management Board of Federal Grid Company

Credit ratings

In January and February 2015, Federal Grid Company’s credit ratings assigned by all global rating agencies (Standard & Poor’s, Moody’s and Fitch Ratings) were downgraded one notch due to geopolitical risks that had been elevated since 2014, slower economic activity and, as a result, the downgrade of the sovereign credit rating on the Russian Federation. Despite that, financial position of our Company remains strong and stable, which is confirmed by an assessment of its stand-alone credit profile, i.e. without factoring in government support.

At year-end 2015, the Company’s credit ratings were equalised with the sovereign rating. They were in the investment category under Fitch Ratings’ scale and in the least speculative category under Standard & Poor’s and Moody’s scales. This means that Federal Grid Company’s fundamental metrics are consistent with the level that is required for the full and timely performance of all financial obligations.

Federal Grid’s credit ratings as at 31.12.2015

  Global scale National scale
Standard & Poor’s ВВ+/Negative ruAA+
Moody’s Ва1/Stable Aa1.ru
Fitch Ratings ВВВ-/Negative AAA(rus)

Information on the Federal Grid’s credit ratings for 2012–2015 is included in Appendix 1 to the Annual Report

My Annual Report

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