OREANDA-NEWS. National Rating Agency has its affirmed its national scale ‘AA-’ credit rating on UNITED WAGON PLC. The outlook for the rating is positive.

UNITED WAGON PLC is a holding company to United Wagon Company Research And Production Corporation (UWC RPC) that manages Group ICT’s rail industry projects.

The positive outlook reflects the company’s distinctly positive financial performance in 2014: UWC RPC’s consolidated revenue reached RUB17 057 billion, a more than a 5.5x increase on 2013, EBITDA grew 2.5x to RUB3 572 billion, and EBITDA margin was 20.9%. In our opinion, the performance will continue to improve going forward, allowing the company to achieve its key strategic goals, such as market share expansion, cost-effectiveness maximization through upgrading of rolling stock and consistent operating efficiency improvement. The positive outlook may materialize, if the favourabe dynamics continues and the company achieves its goals in the foreseeable future. We also believe that the proposed IPO will facilitate UWC RPC’s  access to capital markets, enabling further diversification and optimization of the funding sources and, hence, the improvement of the company’s funding mix and financial performance in general.