Moody`s upgrades Moscow rating outlook to positive - 500 Beiträge pro Seite

[Paraskevi]

Moody`s upgrades Moscow rating outlook to positive
LONDON. Sept 12 (Interfax) - Moody`s Investors Service has
changed the outlook on the city of Moscow`s Ba3 foreign currency
and domestic currency ratings to positive from stable.

The rating agency said that Moscow has consistently been able to increase its
revenue base, despite numerous changes in federal tax law, and also that the
city`s debt burden is expected to remain at a manageable level.

However, the agency said greater transparency is needed in the city`s
shareholdings of companies. RTS$#&:

[Paraskevi]

Finance & Business

18.10.2002
Moody`s notifies Russia of possible rating upgrade
MOSCOW. Oct 18 (Interfax) - International rating agency Moody`s has
sent a letter to the Russian Finance Ministry notifying it that Russia`s
credit rating might be upgraded, a government official told reporters
on Friday.

The country`s ratings might be upgraded in the next one to three
months, he said.

He recalled that a team of experts from Moody`s will visit Russia at the
end of October to study the state of the country`s economy.

Anton Siluanov, head of macroeconomic policy at the ministry, said
earlier that a team of experts from rating agency Standard & Poor`s
would also visit Russia, in November. <>

[Paraskevi]

Mosenergo posts loss of USD 109 mln
As The Moscow Times reprots, Moscow utility Mosenergo posted a net loss of 3.393 billion rubles ($109 million) in the first three quarters of 2002 compared with a 1.686 billion ruble profit for the same period last year, the company said in a statement Thursday.
The accounts were calculated to Russian accounting standards.
Despite the loss, Mosenergo`s shares rose 2.2 percent to $0.0325.
The company had revenues of 33.796 billion rubles in the first three quarters, a 6 percent increase compared to the same period last year, when it was under different management.
Analysts said the poor results were expected.
Mosenergo is conducting an asset revaluation, which resulted in a corresponding increase in its depreciation charge, Renaissance Capital said in a report. The company also is carrying out repair and maintenance, and the $14 million initially planned for the program was incurred in September rather than in October.
Furthermore, the second and the third quarters are normally the weakest in the power sector, with demand rising significantly in the fourth quarter, Renaissance said.
01.11.2002

[Paraskevi]

und hier der vollständige Artikel:Friday, Nov. 1, 2002. Page 6

Mosenergo Posts Loss Of $109M

By Alla Startseva
Staff Writer
Moscow utility Mosenergo posted a net loss of 3.393 billion rubles ($109 million) in the first three quarters of 2002 compared with a 1.686 billion ruble profit for the same period last year, the company said in a statement Thursday.

The accounts were calculated to Russian accounting standards.

Arkady Yevstafyev, Mosenergo general director, said two months ago that the company would achieve its forecasted net profit of 709 million rubles by the end of the year.

Despite the loss, Mosenergo`s shares rose 2.2 percent to $0.0325.

The company had revenues of 33.796 billion rubles in the first three quarters, a 6 percent increase compared to the same period last year, when it was under different management.

Analysts said the poor results were expected.

Mosenergo is conducting an asset revaluation, which resulted in a corresponding increase in its depreciation charge, Renaissance Capital said in a report. The company also is carrying out repair and maintenance, and the $14 million initially planned for the program was incurred in September rather than in October.

Furthermore, the second and the third quarters are normally the weakest in the power sector, with demand rising significantly in the fourth quarter, Renaissance said.

"There is nothing surprising," said Alexander Korchagin, an analyst at Prospect, who added that low energy tariffs have also brought down profits.

"We have no doubts that by the end of the year the company will post a profit," he said.

Renaissance also said Mosenergo would meet its profit target.