PAVLODARENERGO Assigned Rating by Expert RA Kazakhstan
OREANDA-NEWS. May 17, 2010. PAVLODARENERGO (Pavlodar), securities of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the information that Expert RA Kazakhstan rating agency assigned PAVLODARENERGO (hereinafter - the Company) the A solvency rating (high level). Also bonds of PAVLODARENERGO (NIN - KZ2C0Y10С606) were assigned the A reliability rating (high level), reported the press-centre of KASE.
In 2007-2009 PAVLODARENERGO assets grew significantly (by 34.3% from December 31, 2007 to December 31, 2009) as well as the equity capital (by 25% for the same period). Given this, the Company had high liquidity indicators. Thus, the quick liquidity rating at the end of 2009 was 3.96, the cash liquidity rating - 0.26. Other positive for the Company rating factors are high business activity (by 2009 results the capital turnover made up 585 days), the financial sustainability by the end of 2009 made up 2.16). In addition, the Company has stable positions on the power and heating market of Pavlodar Region of the Republic of Kazakhstan, and the high level of information and corporate management transparency.
The main factor limiting the rating level of PAVLODARENERGO is the significant size of upcoming payments during the rating effect (in the end of 2010 the Company will have to repay bonds of Pavlodar Electricity Network Distribution Company (NIN - KZ2CKY05B794; the issue volume - KZT2 bn), the high level and growth of the overdue debts, low profitability and dispensed propeorty structure.
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