OREANDA-NEWS. May 29, 2015. RusRating has assigned a credit rating to ISK Yamal Alyans (Noyabrsk). The rating is "BB+" on the international scale and "A-" on the national scale, in both cases with a stable outlook.

The rating is based on a long-term contract base (government orders) that includes provisions for advance payment, a high return on current long-term projects and a solid presence in the regional market.

Constraining factors include a high current debt burden.

About the Company

ISK Yamal Alyans [trs. Yamal Alliance Investment and Construction Company LLC] was set up in 2011 in Noyabrsk (Yamalo-Nenetski Autonomous Region) by its Director and sole owner, Alexander Alexeyevich Rudenko. The Company is a developer and general contractor with experience in residential projects. At this time it has an established contract base linked to orders submitted by local governments in the YNAR; these are worth a combined R6.2bn and cover more than 95 000 m2.

The Company’s debt burden is high but its operating margin is healthy. Liabilities consist mainly of loans from Peresvet Bank, while most assets take the form of incomplete construction projects or accounts receivable. Liquidity is sufficient. Overall risk sensitivity is moderate.