OREANDA-NEWS. National Rating Agency has raised its credit rating on Promgazkomplekt LLC (PGK) to 'A+' and withdrawn it due to expiry of the rating contract. A credit rating of 'A', assigned to PGK in June 2013, was reaffirmed in June 2014.

The rating upgrade reflects the company's repayment of debt in 2014 and improved financial strength. We note that the debt extinguishment did not impact the size of PGK's assets. As before, the rating is supported by our positive opinion of assets under the company's management, including promising investments in the real estate and financial sector projects, and PGK's consistently positive financial result. The rating also recognizes the company's affiliation with Otkritie FC, one of Russia's largest financial groups (PGK falls within the IFRS consolidation scope of Otkritie FC Bank (PJSC).

The rating is constrained by PGK's declining net income and dependence on related parties for resources, including income from equity holdings in other entities.