Expert RA Confirms Yaposhka-City Creditworthiness Rating
OREANDA-NEWS. 'Expert RA' rating agency confirmed 'Yaposhka-City' creditworthiness rating A, the second rating sub-level, the rating outlook is stable.
High liquidity ratios had a positive impact on the Company rating: as of September 30, 2013, the cash ratio, the acid test ratio, and the current ratio stood at 0.56, 1.62, and 1.66, respectively. High business activity parameters, low shares of the biggest supplier and the biggest buyer in cost and revenues, respectively, were typical of the Company.
Low capital adequacy was highlighted as the rating-restraining factor. The Company had a moderately high debt level: as of September 30, 2013, the debt-to-revenues ratio for 2012 amounted to 0.92, the debt-to-equity, to 3.4, and the entire debt was represented by intra-group loans. The analysts also highlighted low profitability ratios and moderately high currency risks. Low business diversification by lines of business and inadequate financial information disclosures, the narrow business geography and the insufficiently transparent structure of ultimate beneficiaries were also typical of the Company.
Комментарии