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RAEX (RA Expert) has confirmed Targin JSC rating at A+ level 30.11.2016

RAEX (RA Expert) has confirmed Targin JSC rating at A+ level

The rating agency RAEX (RA Expert) has confirmed the creditworthiness rating (long-term creditworthiness) of Targin JSC at A+ level ("very high level of creditworthiness", third sublevel). The rating outlook is stable.

The Company's rating was positively impacted by a low level of total leverage (the ratio of FFO, CFO for 2015 to the debt as of 30/06/2016 amounted to 54% and 45% respectively; the ratio of debt as of 30/06/2016 to EBITDA for the period from 30/06/2015 to 30/06/2016 amounted to 1.8), moderately high liquidity indexes (ratios of absolute, urgent, current liquidity as of 30/06/2016 calculated as per the adjusted value of assets amounted to 0.17, 0.94 and 1.21 respectively) and moderately high profitability indexes (profitability of assets, capital and sales as per adjusted for the foreign exchange rate revaluation of net profit for the period from 30/06/2015 to 30/06/2016 amounted to 4%, 9% and 3% respectively; EBITDA profitability for the same period amounted to 13.4%). In addition, the rating was positively impacted by a high level of predicted liquidity (1.81 for the next 12 months), low level of foreign currency risks and high level of "stress" liquidity (the ratio of quality-discounted assets to liabilities as of 30/06/2016 amounted to 1.69). Besides, analysts have highlighted a high level of diversification across business areas, moderately high quality of strategic planning, moderately high level of diversification of suppliers and high level of geographical diversification of sales (the Company operates in all oil- and gas-bearing regions of Russia).

"The Company saved low leverage and strong liquidity position, which allows confirming the rating at the previous level, despite the renegotiation of service contracts terms for the key customer, PJSOC Bashneft, after its privatization by PJSC OC Rosneft", - said Pavel Mitrofanov, the Managing Director for Corporate Ratings of RAEX (RA Expert).

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