Ratings agency Expert RA has assigned credit rating of “A” (high credit standing) to OJSC Nizhne-Lenskoye, with outlook stated as developing, Mfd.ru reported citing a statement by press office of the agency.
Developing outlook refers to equally probable potential of lowering or reaffirming the current rating in midterm.
Nizhne-Lenskoye is involved in diamond mining in Eastern Siberia, on the territory of Republic Sakha (Yakutia).
Positive impact on credit rating of OJSC Nizhne-Lenskoye has been brought by moderate growth of the company’s assets (by 8.5% for the period since 31.12.2009 till 30.06.2012). positive figures of net working capital (RUB 230.8 million as per 30.06.2012), high level of transparency and quality of strategic planning of the company.
“At present time the company is characterized with stable financial position, however the obligation to redeem its bonded loan in the middle of 2013 coupled with negative public loan history and the company’s plans on expansion of debt load resulted in our developing outlook to its rating,” – noted Pavel Mitrofanov, Head of Corporate and Investment Ratings Department at Expert RA.
Among the factors restricting the level of rating evaluation there were low level of diversification, moderately high level of debt load, modest capital adequacy ratio and low liquidity.
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