OREANDA-NEWS. National Rating Agency has affirmed its national scale ‘AA+’credit rating on TransFin-M Public Joint-Stock Company. The outlook for the rating is Stable. NRA’s first-time credit rating of ‘AA’ on TransFin-M was assigned on Feb. 27, 2014 and raised to ‘AA’ on Dec. 29, 2014.

The rating affirmation reflects the company’s consistently strong position in the Russian leasing market, its high transparency and openness to public, as well as the improvement of TransFin-M’s key IFRS and RAS financials. The rating recognizes the company’s consistently strong profitability and above-market-average liquidity, steadily growing leasing portfolio and efforts to improve the leasing portfolio sector diversification.

The rating continues to be constrained by the company’s high exposure to the railway sector and associated high sensitivity to adverse changes in Russia’s macroeconomic situation. At the same time, NRA notes that around 30% of the company’s business .is associated with Russian Railways OJSC (RZhD) and its subsidiaries. In NRA’s opinion, TransFin-M is exposed to the interest risk, as it has raised a large amount of debt.

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.