OREANDA-NEWS. National Rating Agency has affirmed its national scale ‘A’ credit rating on Zemelny Resurs LLC (ZR). The company's first-time credit rating of 'A' from NRA was assigned on Aug. 14, 2014.

The affirmation reflects the robust financial profile of AFG National Group, to which the rated entity is a subsidiary. The Group's financial ratios, including capital/ liqudity adequacy and profitability metrics, reached high values several times and have been on an upward trajectory, according to the Group's consolidated financials. The Group's total debt is viewed as manageable, while its debt-to-equity and debt-to-EBITDA ratios are declining. NRA also notes ZR's good stand-alone financial profile, in particular the high equity-to-total-liabilities ratio, absence of external debt and fairly high balance-sheet liquidity and profitability indicators for the nine months ended Sep. 30, 2015. In NRA's opinion, AFG National Group has good growth prospects, as its production ans sales metrics are on a growth path, the operating environment for agricultural producers is favourable, and the Group's sizable investments in capacity expansion and produce diversification are already paying back. All this has been factored in the Positive rating outlook.

The rating is constrained by the 'A' credit rating of AFG National LLC, the core operating company of the Group, which NRA has affirmed with a positive outlook.

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