OREANDA-NEWS. National Rating Agency has affirmed its national scale ‘A+’ credit rating on Antipinsky Refinery CJSC (AR). The national scale credit rating of ‘A+’ was assigned to the company on Sept. 3, 2012 and reaffirmed on Aug. 1, 2013 and Aug. 11, 2014.

The rating reflects AR’s fast business expansion: 2014 saw a considerable improvement in its financial and operating performance, as evidenced by key indicators. The company consistently implements its growth strategy in accordance with the sequencing plan, and increases its refining capacity, raising long-term debt for large projects. NRA notes that the company achieved all of its 2014 goals, including one of its key strategic objectives of switching to Euro 5 diesel quality.

The rating is constrained by AR’s high debt burden, stemming from its early development stage and the need to finance the investment in hi-tech, high recovery rate oil refining facilities. Additionally, the rating is pressured by the currency volatility, rising interest rates on bank loans and falling oil prices — all these factors may generate additional demand for funding in the near term and bring down the project’s long-term economic performance.

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