--(BUSINESS WIRE)--On November 29, 2010 Standard & Poor’s Ratings Services has affirmed its “BBB-” long-term issuer credit rating and “ruAAA” Russia national scale rating on Atomenergoprom, the subsidiary of State Atomic Energy Corporation “Rosatom” (ROSATOM), which manages Russian civil nuclear industry assets. The outlook is stable.

According to Standard & Poor’s the ratings on state-owned Atomenergoprom reflect expectations of a “very high” likelihood of timely and sufficient extraordinary support from the Russian government in the event of financial distress. The company benefits from a vertically integrated business model and a secure monopoly over the civil nuclear segment in the Russian Federation.

Standard & Poor’s highlights in its report that profitability from Atomenergoprom’s electricity generation is higher than that of its Russian peers with expected benefits from market liberalization in the future. Moreover, the company enjoys a solid market position in uranium extraction, conversion and enrichment as well as in fuel assembly production segments – all of which are enhanced by a favorable growth outlook for the nuclear industry worldwide.

Atomenergoprom currently has an “adequate” liquidity position. Standard & Poor’s expects Atomenergoprom’s liquidity position to remain adequate for the rating level despite its plans to gradually increase debt to finance an ambitious investment program.

ROSATOM is developing a centralized treasury management function for its subsidiaries (including Atomenergoprom). This could further enhance the company’s liquidity position.

The stable outlook reflects Standard & Poor’s expectations that the Russian government will continue to provide substantial ongoing support to Atomenergoprom. Furthermore, the rating agency does not expect to see any changes in policy or the regulatory framework that would alter its expectations of a “very high” probability of government support, either presently or over the medium term.

Atomenergoprom is an integrated company, which consolidates the assets of the civilian part of the Russian nuclear industry. State Atomic Energy Corporation “Rosatom” (ROSATOM) owns 100% of Atomenergoprom’s shares. ROSATOM incorporates more than 250 enterprises and scientific institutions, including all civil nuclear companies of Russia, nuclear weapons complex’s facilities, enterprises of nuclear and radiation safety complex, research organizations and the world’s only nuclear-propelled fleet. ROSATOM ensures the state policy implementation in the use of nuclear energy. Director General of ROSATOM is Sergey Kirienko.