OREANDA-NEWS. September 24, 2012. Russian ratings agency Expert RA has ranked UTair Aviation at the A+ level, quoted as 'a very high level of credit worthiness' and officially designated the company’s outlook as 'stable.' The ratings agency has also conferred an A+ credit rating on UTair Finance.

"We are happy to be appraised at this high level by such a respected ratings agency," says UTair Aviation CEO Andrey Martirosov. Martirosov expressed his belief that the A+ rating completely corresponds to the secure position of the company on the financial market.

The rating was influenced by the positive UTair position on the market, the high level of diversification of its business and the significant increase in the volume of the company's assets in the first half of 2012. According to Rosaviatsia, the company also holds a stable position among the top three airlines in Russia in terms of passenger traffic.

Expert RA analysts especially noted the airline's high performance in its business activities and corporate governance. "With the support of shareholders, UTair aviation is actively investing into its business," says Pavel Mitrofanov, head of the Corporate and Investment Ratings department at Expert RA. "At present the airline is conducting a large scale program of fleet renewal. The airline has focused its operations at Vnukovo International Airport, where the company is developing its own full service hub. The company plans to construct a similar hub in the eastern part of the Russian Federation."

Among other factors enumerated by ratings analysts for the ranking of UTair Aviation were a high degree of leverage, low capital sufficiency and an asset profile with high accounts receivable.

UTair-Finance is a subsidiary of UTair Aviation. UTair Finance was created in order to develop and implement investment activity for the parent company. The company has an A+ credit rating reflecting its 'very high level of credit worthiness,' from Russian ratings agency Expert RA.