OREANDA-NEWS. National Rating Agency has lowered its national scale credit rating on Risland LLC’s series 1 bonds (Reg. No. 4-01-36429-R, ISIN: RU000A0JUDW1) to ‘A’ following its regular surveillance and monitoring on all rated issuers and issues.

The rating adjustment reflects both changes in NRA’s rating methodology and factors affecting the issue’s credit characteristics, including the weakening financial position of the enterprise in which the investment is made. Risland LLC’s main business is raising debt financing from public markets for the purpose of financing its real economy investment project, namely the modernization of production facilities of Boron Mining And Chemical Company.

The likelihood that the issuer will perform its short-term obligations is viewed as reasonably high, but its ability to service its debt in a longer term is vulnerable (due to significant debt burden increase and the project’s weak low operating cash flow) and is currently underpinned mainly by the beneficiaries and strategic partners’ propensity to support the company in case of distress.