OREANDA-NEWS. National Rating Agency has affirmed its national scale ‘AA-’ credit rating on Whale Finance Ltd’s series 01 bonds (Reg. No. 4-01-36435-R, ISIN: RU000A0JUHV4) and assigned the rating a negative outlook as a result of its issuer/ issue credit rating surveillance process.

The principal and interest payments are currently well protected by the issuer’s asset base and resources available for debt servicing are assessed as adequate. The bonds’ rating is underpinned by the high quality, reasonable diversification, adequate investment risk and favourable profit margin of the project portfolio financed by Whale Finance Ltd.

The maintenance of the negative outlook is based on heightened market and economic risks that may affect the implementation and effectiveness of the projects, some of which are still in the very early stages.