OREANDA-NEWS. National Rating Agency has affirmed its national scale ‘A’ credit rating on BORELEY CAPITAL LIMITED (BCL), taking into account the support rating of ‘RS3’, which reflects the probability of support that NPK can get from a large financial and production group. We assess BCL’s stand-alone credit profile at ‘BBB+’. The company’s rating falls into the “Holding and Financial Companies” section of NRA’s rating list.

The rating is supported by our opinion of the company’s highly balanced liquidity position (with maturity dates of investment in securities

matching those of BCL’s obligations), well-matched assets and liabilities and financially strong partners with a capacity to provide necessary funding. We believe that the company and its partners have competences and financial resources to implement the projects successfully, and view the risks of BCL’s creditors and bondholders as low and manageable.

The rating is constrained by factors, such as the company’s modest equity, moderate diversification by investment type and limited transparency.