S&P downgrades Tenex-Service

Standard & Poor's said it lowered Tenex-Service long-term issuer credit ratings to BB+ from BBB- and its short-term ratings to B from A-3.

The outlook is negative.

S&P also said it lowered the Russia national scale rating on Tenex to ruAA+ from ruAAA.

The downgrade follows a downgrade of its parent, state-owned Atomic Energy Power Corp. JSC (AtomEnergoProm), for which Tenex acts as quasi-captive in the leasing segment, the agency said.

Given the assessment that Tenex is a highly strategic subsidiary of AtomEnergoProm under the criteria, S&P said it caps the ratings at one notch below those on the parent.

Tenex is a fully-integrated and dependent subsidiary of AtomEnergoProm and the likelihood of extraordinary support from its parent, if required, is extremely high, the agency said.

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