OREANDA-NEWS. July 21, 2011. Rating Agency Expert RA Kazakhstan has upgraded the creditworthiness of PAVLODARENERGO to А+ (very high level of creditworthiness) and the rating of the first issue bonds (NIN - KZ2C0Y10С606) to А+ (very high level of reliability). Earlier, the company and its bonds were rated at А (high level of creditworthiness), reported the press-centre of  KASE

Factors which brought about the rating increase are a substantial assets growth (by 41.91%) and net worth (by 29%). In addition, PAVLODARENERGO showed high liquidity ratios (urgent liquidity made up 1.61 at the end of 2010, the absolute liquidity ration made up 0.33), as well as good business activity (capital turnover ration made up 479 days in 2010). The agency points out the Company's stable positions in the market for electricity and heating of Pavlodar region of the Republic of Kazakhstan, output increase as well as a fairly high level of informational transparency and corporate governance.

"Presence of EDB and the Islamic Infrastructural Fund in the shareholders of the Company's parent holding positively influences the development of PAVLODARENERGO, which is confirmed by attracting favourable long-term financing for renovation of the Company's fixed assets", - says Anna Akopiantz, expert for corporate sector of the Rating Agency Expert RA Kazakhstan.

Main factors restraining PAVLODARENERGO's rating were represented by a relatively high level of payments during the rating validity period (volume of payments on loans during the rating validity period (2nd quarter 2011 - 2nd quarter 2012) to the gross income makes up 0.44), a high level and growth of overdue debt.

Bonds of  PAVLODARENERGO (NIN - KZ2C0Y10C606; issue volume - KZT8 bn, floating coupon rate indexed at inflation rate, maturity date  - 2017) were included into the official list of STF RFCA on December 14, 2007. As at the end of 2010, the total face value of made up KZT7.9 bn. The debt burden of the Company is not very high - the combined debt (bank loans and bonds placed to the amount of KZT13.7 bn) as of December 31, 2010 made up 61% of PAVLODARENERGO's revenues for 2010, and 45% of the net worth.

PAVLODARENERGO's main activities include production, transmission and distribution of electricity and heat in the town of Pavlodar and the region. The production capacities are located  in the towns of Pavlodar and Ekibastuz. The Company's revenues in 2010 made up KZT22.5 bn.