OREANDA-NEWS. RusRating has lowered the credit rating of OOO Organika Sintez (Moscow) from "BB" to “B+” on the international scale and from "BBB" to “BB+” on the national scale, in both cases with a stable outlook. 

The rating cut reflects suspension of its project to construct of a fuel oil processing plant.

The rating is based on solid ties to a major construction group.

Constraining factors include uncertainty risks connected with a new business project, a high debt burden, narrow market positions and a low return on current operations.

OOO Organika Sintez [trs. Organic Synthetics LLC] is a private-sector Russian company wholly owned by Vera Afanasievna Nikiforova. It was registered in September 2012 and to begin with served mainly as a financial intermediary for a major construction group. Plans later called for the construction of a fuel oil processing plant in Voronezh region (Kashirski district). The Company benefits from solid ties to one of Russia’s top 50 banks and to a major real estate development group.

Accounts receivable make up the bulk of assets. Liabilities include accounts payable on veksels (promissory notes) and other securities, plus loans from one of Russia’s top 50 banks. The Company’s debt burden appears very high. Profitability is low.