OREANDA-NEWS. National Rating Agency has affirmed its 'A+' credit rating on PSN Group. The outlook for the rating is Negative. The Group was assigned NRA's first-time credit rating of 'A+' on June 5, 2013. The rating was re-affirmed with a Stable outlook in March and September 2014.

The rating is supported by PSN Group's sizable business, positive revenue flows in 2014 and comfortable liability/ debt maturity profile. The group has close business ties with Promsvyazbank PJSC (NRA's credit rating of 'AA+'), one of the largest financial institutions in Russia. NRA also notes the significantly reduced currency gap in the Group's borrowings, with many FX liabilities substituted with ruble-denominated debt.

The rating is constrained by the adverse macroeconomic situation, weighing on the real estate and property development sector, as well as the Group's exposure to the liquidity and currency risks and the negative translation adjustments in its investment property value. These factors prevent NRA from positively assessing the Group's prospects based on its 2015 performance, as well as those for 2016. NRA will consider either the justification of the Negative outlook or the outlook revision after receiving information about the Group's financial and operational performance in 2015.

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.