Moody's upgrades RusHydro baseline rating

Moody's Investors Service said it upgraded RusHydro PJSC's baseline credit assessment to Ba1 from Ba2.

The agency also said it affirmed RusHydro's corporate family at Ba1 rating, along with Ba1 rating on the ruble-denominated senior unsecured loan participation notes issued by RusHydro Capital Markets DAC.

The notes will be issued for the sole purpose of on-lending the proceeds to RusHydro.

The outlook is positive.

The upgrades reflect a view that RusHydro's standalone credit positioning has improved considerably as a result of a reduction in leverage, enhancement of liquidity position and strong operating performance, Moody's said.

The agency said it expects RusHydro's revenue to continue growing in the next 12 months, underpinned by new capacity launches and state subsidies.

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