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.