Moscow, 30 June 2015- PIK Group, one of the leading Russian residential developers, announces that it has been assigned an A+ credit rating (“Very high level of creditworthiness”) by the Expert RA rating agency. The outlook is “stable”, which means that the rating is very likely to remain unchanged in the mid-term.
Representatives of Expert RA noted that the following factors had a positive influence on the rating: high levels of income and profitability as well as moderate level of leverage. Also the factors supporting the rating were low currency risks and moderately high levels of liquidity. "In June 2015 the Company extended their two-year loan agreement with VTB Capital plc. Also, as of 31.12.2014 The Group had 14.24 billion rub in cash and equivalents and an undrawn credit line of 20 billion rub from Otkritie FC open until July 2016, which indicates high levels of financial flexibility", - said Pavel Mitrofanov, Director for corporate ratings of Expert RA. The Agency also positively marks Company’s low dependency on major buyers and suppliers, high cash flow, as well as excellent quality of strategic planning and high financial transparency.