OREANDA-NEWS. National Rating Agency has affirmed its 'AA' credit rating on MRSK Center PJSC (Interregional Grid Company of Central Russia; MRSKC). The outlook for the rating is Stable. NRA's first-time credit rating of 'AA' was assigned to MRSKC on Apr. 19, 2013 and reaffirmed on Dec. 12, 2013 and Dec. 12, 2014.

The current rating reflects the company's strong operational and financial performance, dominance in its home market and the fact that the majority stake in MRSKC is owned by the state. Other rating strengths include the company's strong equity, high equity and financial strength ratios, as well as its current and instant liquidity ratios, which are consistently and above the market average. All these factors, combined with MRSKC's moderate debt level, allow NRA to assess the company's creditworthiness and financial strength very positively.

The rating is constrained by the company's weakened financial result for 2013 and a negative bottom-line for 2014, resulting from the considerable impairment of its fixed assets. That said, NAR notes the company's positive financial result for 1H 2015, which is more consistent with its historical performance.