OREANDA-NEWS. National Rating Agency has raised its national scale credit rating on Polymetall JSC to 'AA+'. The outlook for the rating is Stable. NRA's first-time credit rating of 'AA' (falling into the "Enterprises" section of NRA's rating list) was assigned on Dec. 28, 2011. The rating was reaffirmed each consecutive year. The latest rating action (rating affirmation and Positive outlook assignment) dates Feb. 19, 2015.

The current rating upgrade reflects Polymetall's strong (despite the adverse market conditions) financial performance, particularly its high financial strength and resilient liquidity position, stable profitability metrics, ability to increase its free operating cash flow through strong operational performance and low cost base and thus its good investment capacity, as well as Polymetall's ability to maintain a stable dividend payout with moderate leverage. NRA notes that the company continues to benefit from the ruble depreciation vis-a-vis the US dollar, which helps pull down its costs.

Rating strengths also include Polymetall's persistently solid operating results, continued growth, expanding resource base, efficient cost and capital management, high business operating standards, and high corporate governance disclosure level.