OREANDA-NEWS. October 30, 2015. National Rating Agency has affirmed its ‘AA+’ national scale credit rating on Sistema Joint-Stock Financial Corporation (OAO AFC ‘Sistema’). The last rating action took place on April 28, 2015, when the credit rating was affirmed at ‘AA+’.

The rating is underpinned by sufficient level of financial stability, moderate debt load, as well as high sectoral and geographical diversification of the portfolio, which is able to generate a stable cash flow. In the 1H of 2015 the main operational indicators showed a positive trend, the company's profitability is adequate, and the liquidity is stable. Among other positive factors supporting the current rating, the Agency highlights good corporate management, transparent and efficient organizational structure, and consistent development strategy.

The rating is constrained by currency risks, which are caused by the presence in the portfolio of foreign currency loans, as well as the interest rate risk, which is related to the volatility of interest rates on the financial market and the presence of floating-rate obligations in the debt structure.

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