Obuv Rossii GC raised rating to A +
Expert RA rating agency upgraded the Obuv Rossii GC credit rating to A + (very high credit rating). The outlook is stable. A stable forecast means a high probability of maintaining the rating at the same level in the medium term. Previously, the company had A rating (high creditworthiness), the outlook on the rating was “positive”.
The reason for upgrading the rating was the high growth rate of the group's assets (for the 30.06.2012-30.06.2013 period by 26%) against the background of stable high profitability indicators (following the 2012 results, the return on equity was 20%, assets - 11%), as well as the successful completion of the offer within debut bond issue.
The rating of companies was positively influenced by high liquidity ratios (at 30.06.2013 the absolute liquidity ratio was 0,61, current 1,84), growth and a high capital adequacy ratio (at 30.06.2013 the liquidity ratio was 0,58) and high quality insurance coverage (all the main types of risks of the group were insured in companies rated A ++ by Expert RA). “The financial performance of GC“ Shoe of Russia ”has been steadily improving over the past few years. The group is actively exploring new regions and increasing its share in the shoe market, which is still not very saturated and poorly consolidated. To do this, the company plans to significantly increase the number of stores in the network to meet the high demand of the population, as well as commissioning a new shoe factory in Cherkessk, which will serve the center and the south of Russia. These factors had a positive impact on the rating, ”said Pavel Mitrofanov, head of the Corporate and Investment Rating Department at Expert RA. Agency experts also highlight the high diversification of revenue by region, low level of currency risks and high rates of business activity.
Among the factors limiting the rating were the high dependence of demand for products on the phase of the economic cycle and the increased exposure of the group to credit risks in connection with the retail sale of footwear by installments.
Recall that according to July data, Obuv Rossii assets were at the level of 4,2 billion rubles, capital - 2,4 billion rubles, revenue for the 2012 year amounted to 3,3 billion rubles, net profit - 342 million rubles.
The Expert RA rating agency has raised the credit rating of Obuv Rossii GC to A + (very high creditworthiness). The forecast is “stable”. ...
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