OREANDA-NEWS. National Rating Agency has raised its credit rating on Morton-RSO LLC to ‘A+’.

The rating upgrade is driven by the positive dynamics of key operating performance indicators in 2013-14, as well as MORTON Group’s visible growth prospects and leading position in the Moscow Oblast’s property development market. NRA also note the Group’s long track record of successful operations, active participation in public-private partnership programs, and its strategic importance. The fact that the Group is constructing its own housebuilding industrial complex is another rating strength.

The rating remains constrained by the lack of audited consolidated financials at the Group’s level, which hinders a reliable assessment of intragroup cash flows and potential diversion of fund through related party transactions, as well as the ongoing accumulation of the Group’s debt, outrunning the improvement of its operating performance metrics. In addition, the Group’s business is vulnerable to the worsening economic situation.