OREANDA-NEWS. National Rating Agency has affirmed its national scale 'A' credit rating on Makrezo Trading Limited. The outlook for the rating is Stable. The company was assigned NRA's first-time credit rating of 'A' (falling into the "Holding and Financial Companies" section of NRA's rating list) on Nov. 28, 2013. The rating was affirmed each consecutive year (the latest affirmation dates Feb. 9, 2015).

The current affirmation is driven by factors, such as the company's high-quality and liquid assets and the improvement of its total earnings and EBITDA for the nine months ended Sep. 30, 2015. Makrezo Trading's balance-sheet liquidity ratios are on an upward trend and reached high values on the latest reporting date (Sep. 30, 2015). NRA also notes the decreased short-term-debt-to-total-debt ratio and the company's low funding costs. Makrezo Trading's ability to raise additional debt and its refinancing capacity are viewed as high, considering its long-standing relations with its lenders.

The rating is constrained by the still low proportion of equity in the company's funding mix, as well as the revenue and financial performance volatility, stemming from Makrezo Trading's heavy reliance on the investment return, combined with the growing debt and declining profitability. NRA also notes the company's considerable exposure to risks inherent in financial markets.