InterService CJSC Assigned 'A' Credit Rating
OREANDA-NEWS. National Rating Agency has assigned its national scale 'A' credit rating to InterService CJSC. It is the first time the company receives an NRA's credit rating, which falls into the "Holding and Financial Companies" section of NRA's rating list.
The rating is supported by the company's strong liquidity position and zero net debt as of June 30, 2015, as well as its positive profitability over the periods under review and high-quality assets it plans to acquire. InterService's current and future debt service coverage ratios are adequate, according to provided documents, and its refinancing risk is low, considering the company's partnership relationship with its creditors. Additionally, there is a high probability of the company receiving extraordinary support from its beneficiary owners.
The rating is constrained by the low share of equity in the company's total funding, expectations of a near-term leverage increase, and InterService's heavy reliance on funds generated by its financial investment portfolio, which has a high industry concentration.