OREANDA-NEWS. National Rating Agency has raised its national scale credit rating on Nitrokhimprom LLC to 'AA-'.

The rating upgrade reflects the substantial expansion of the company's business as a result of undertaking a large investment project with strategic support from one of Russia's top production groups that has experience and competencies sufficient to implement the project and is committed to developing the company and supporting it financially and in other ways in case of an emergency. NRA assess the project-related business and financial risks as moderate. The company's sources of funds are sufficient to cover its debt repayment needs, according to financial documentation on the project. Nitrokhimprom can also rely on potential support of its beneficiary owners.

The maintenance of the current rating level would be predicated on the company's ability to keep its key operating and financial performance indicators in line with its business plan.

The rating is constrained by Nitrokhimprom's current dependence on debt financing, stemming from the high capital intensity of its project.