OREANDA-NEWS. National Rating Agency (NRA) has withdrawn its credit rating on NEVA LIMITED due to expiry of the contract and the company's decision to stop participating in the rating process. The company has been assigned an exit rating of 'BBB+'. NEVA LIMITED was assigned NRA's first-time 'A' credit rating with a 'stable' outlook on Dec. 25, 2014.

The rating is supported by NEVA LIMITED's transparent ownership structure, strong beneficiaries and strategic partners, including some large financial entities with high credit standing, capable of assisting the company in advancing its projects.

The rating is constrained by the company's dependence on other parties for operational support and funding, and the fact that it is impossible to appraise NEVA LIMITED's growth prospects and strategy implementation effects in the absence of up-to-date information. NRA points out that it will not monitor the company's performance any longer due to the termination of its obligations under the contract for rating services.

The absence of the company's financial statements for the latest reporting date is regarded as a risk factor, along with the company's low profitability, low capital adequacy metrics and high debt leverage.