Standard & Poor's Calls off Enel OGK-5 GAMMA Rating

Standard & Poor's Corporate Governance Rating Service reports that GAMMA (Governance, Accountability, Management, Metrics, and Analysis) rating of Enel OGK-5 was promoted from GAMMA-6 to GAMMA-6+ and called off at the same time.

The company runs Sredneuralskaya and Reftinskaya heat and power stations in Sverdlovsk Region.

Standard & Poor's says the company’s strong points in corporate governance are the vast international experience of the controlling shareholder Enel S.p.A. in the field of managing energy resources, and its support of Enel OGK-5 investment program.

At the same time, the agency’s analysts point to a number of drawbacks in the enterprise’s corporate governance system.

For one, the volume of transactions involving Enel OGK-5 and Enel Group’s other companies is estimated as considerable, and these transactions include building services and software development.