Expert RA Downgrades EFESk State Corporation Credit Rating Sub-level
OREANDA-NEWS. 'Expert RA' rating agency downgraded 'EFESk' State Corporation creditworthiness (long-term creditworthiness) rating sub-level from two to three. The rating A was maintained. The Agency also changed the rating outlook for developing, which means equal probability of maintaining and downgrading the rating in the mid-term. The Company used to have the stable outlook.
The low share per counterparty in the receivables as of September 30, 2013, high information transparency, the low share per counterparty in payables as of September 30, 2013, continued impacting the Company rating positively. As of September 30, 2013, the State Corporation did not have any past-due receivables and payables. The Agency's analysts also noted increase in the Company's assets from December 31, 2010, to September 30, 2013.
The moderately high debt level, very low capital adequacy and the high share of receivables in assets as of September 30, 2013, were highlighted among the rating-restraining factors. Low profitability for 9 months 2013, low diversification, low liquidity and moderately high payables in liabilities as of September 30, 2013, also restrained the rating.