OREANDA-NEWS. National Rating Agency has affirmed its national scale 'A' credit rating on Nazarovskaya Thermal Power Station OJSC (NTPS). The outlook is Positive. The company's first-time credit rating of 'A' on NRA's national scale was assigned on Apr. 15, 2014.

The affirmation reflects NTPS's strong market position in its home region and the strong demand for power it generates, as well as the successful delivery of NTPS's investment project and the company's markedly improved operating and financial performance. NRA also notes NTPS's affiliation with a large Russian energy holding that may provide extraordinary support, and the opportunity to leverage on the holding's resources.

The Positive outlook reflects the positive implications of the project delivery, namely, the company's markedly increased revenue, improved operating margin and return to positive cash flow, combined with the company's ability to control its debt level and improve its debt maturity profile, thus strengthening its liquidity position. The Positive outlook may be justified as soon as the year-end 2015, when NTPS provides its 2015 full-year financials reflecting a continued improvement of its operating and financial performance.