OREANDA-NEWS. National Rating Agency has affirmed its national scale 'A' reliability rating on Eltra IC JSC with a negative outlook. NRA's first-time 'A' reliability rating was first assigned to Eltra IC on Dec. 9, 2013. The rating was affirmed each consecutive year until it was withdrawn on Aug. !6, 2010 due to expiry of the contract for rating services. In 2015, NRA assigned its 'A-' reliability rating to the company. The latest rating action (the 'A-' rating affirmation) was on Feb. 9, 2015.

NRA views positively Eltra IC's growing asserts and business turnover, the substantial profit increase in 3Q 2015 and the company's strong capital adequacy. The Rating Agency also notes ELtra IC's considerable stock market experience and the market maker status it obtained in the Moscow Exchange Options market.

The rating is constrained by Eltra IC's limited customer base, modest profitability metrics and revenue concentration in the key business line. Other risks include the company's significantly increased liabilities (Eltra IC's borrowings and payables grew 5.5x and 1.5x respectively since the beginning of 2015). The Negative rating outlook reflects NRA concerns about the company's potentially growing credit risk, and its liquidity risk, stemming from investments in assets that the Rating Agency considers to be illiquid. NRA intends to request and examine information about such investments and analyze the company's financial condition using its financials as of Jan., 2016. The rating may be revised based on the analysis results.