OREANDA-NEWS. October 21, 2015. National Rating Agency has raised its national scale credit rating on National Non-Metallic Company JSC (AO ‘NNC’) to ‘AA-’. The ‘А+’ national scale credit rating had been originally assigned on September 19, 2012, and subsequently annually affirmed.

The rating was raised due to the significant positive dynamics of key financial indicators of the company, which have been maintained over the past four years, as well as the company's leading position in its market segment, constantly increasing production and sales revenues. Financial stability of the company is estimated as high, taking into account an acceptable amount of debt load, high profitability and liquidity ratios. The Agency notes improvement in the company's debt structure, the conversion of foreign currency denominated liabilities into ruble liabilities, as well as the reduction in total debt relative to operating income and capital.

The rating is still constrained by the inadequate amount of shareholders' equity under IFRS. There are also significant macroeconomic risks due to the company's connection with the construction industry, which is characterized by a downward trend in times of recession.

NRA’s analytical products, including ratings and the contents of this press release, are statements of NRA’s independent opinion as of the date they are expressed and not statements of fact or recommendations to make any investment decisions or conduct any stock market transactions. NRA is not responsible for any results obtained from the use of opinions and/or information contained in this press release.

While NRA has obtained information from sources it believes to be reliable, NRA does not guarantee that this information is perfectly correct, complete and accurate, as it does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.