OREANDA-NEWS. National Rating Agency has affirmed its national scale 'A' credit rating on AFG National LLC. The outlook on the rating is Positive. The company's first-ime credit rating of 'A' from NRA was assigned on Apr. 22, 2013 and affirmed on Aug. 14. 2014.

The rating affirmation reflects the robust financial profile of AFG National Group, for which the rated entity is a core operating company. 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 the Group's vertically integrated business and its strong position in the rice market. 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 sizeable investments in capacity expansion and produce diversification are already paying back.

The rating is constrained by the lack of IFRS consolidated financials audited by a reputable auditor. In addition, NRA notes the Group's, high leverage (as of year-end 2013) and believes that the Group's relative debt ratios may increase going forward, as a number of investment projects are being implemented in allied sectors of economy.