OREANDA-NEWS. “Expert RA” Rating Agency assigned rating of creditworthiness (long-term creditworthiness) to company "RZD- Razvitie vokzalov" on the level А+ (very high level of creditworthiness), third sub-level. The outlook is stable that means the strong possibility of rating retention at the same level in the middle-term period.

OJSC "RZD - Razvitie vokzalov" provides modernization railway station complex services.

Positive influence on the rating was made by extremely low level of currency risks, high level of risk management, high level of quality of strategic planning and high level of insurance protection (company insures the modules and terminals of automatic luggage offices). “One of the key business directions is development of transport-interchange rail center in Moscow with government. Realization of transport-interchange rail center program will require significant increase of debt load. But strong possibility of support from the RZD and Moscow government makes the positive impact on the rating of creditworthiness”, - Pavel Mitrofanov, head of corporate and investment ratings “Expert RA”, mentioned. Analytics of agency pointed as a positive factors high level of transparency, low portion of overdue liability in accounts receivable and payable (under IAS on 09/30/2013 less than 2%) and significant increase of assets (under IAS assets have increased in 1.5 times for the period 12/31/2011-09/30/2013).

The rating-restraining factors are: high level of debt load (under IAS on 09/30/2013 Debt/Return2012 ratio was 2.56, Debt/EBITDA2012 ratio - 60.3, Debt ratio was 3.74; under IFRS on 06/30/2013 Debt ratio was 1.9, Debt/Return2012 - 0.77, Debt/Gross profit2012 - 8.29). Analytics emphasized moderate low level of Capital adequacy ratio (under IAS on 09/30/2013 CAR was 0.14, under IFRS on 06/30/2013 - 0.22). The company has moderate high level of profitability (under IAS at 2012 ROA was 2.72%, ROE-8.75%, ROS-7.34%) and liquidity (on 09/30/2013 Cash ratio was 0.14, Acid test ratio - 0.83, Current ratio - 0.93), and moderate high level of activity ratios (at 2012 accounts payable turnover ratio was 569 days, accounts receivable turnover ratio- 667 days, assets turnover ratio - 972 days, capital turnover ratio - 302 days).

On 09/30/2013 assets of OJSC "RZD - Razvitie vokzalov" was RUR 2 bln, return at 2012 - RUR 410 mln.