OREANDA-NEWS. National Rating Agency has affirmed its 'A+' credit rating on PSN Group. The outlook for the rating is Negative. The Group was assigned NRA's first-time credit rating of 'A+' on June 5, 2013. The rating was re-affirmed with a Stable outlook in March and September 2014.

The rating is supported by PSN Group's sizable business, positive revenue flows in 2014 and comfortable liability/ debt maturity profile. The group has close business ties with Promsvyazbank PJSC (NRA's credit rating of 'AA+'), one of the largest financial institutions in Russia. NRA also notes the significantly reduced currency gap in the Group's borrowings, with many FX liabilities substituted with ruble-denominated debt.

The rating is constrained by the adverse macroeconomic situation, weighing on the real estate and property development sector, as well as the Group's exposure to the liquidity and currency risks and the negative translation adjustments in its investment property value. These factors prevent NRA from positively assessing the Group's prospects based on its 2015 performance, as well as those for 2016. NRA will consider either the justification of the Negative outlook or the outlook revision after receiving information about the Group's financial and operational performance in 2015.