On the 23rd of October, 2017 Rating Agency RAEX (Expert RA) rated solvency of Atomenergoprom at ruAAA with “Stable” outlook.
The rating is maximum possible and sovereign and corresponds to the credit rating of the Russian Federation (ruAAA, “Stable” outlook) that is conditioned by a large-scale support provided to Atomenergoprom and its organizations. The agency rates systemic importance of AEPK as strong due to the AEPK status as a system-forming nuclear sector company and main player in the electricity and power market and owner of nearly all critical infrastructural facilities.
Besides, the factors which positively affect the rating level, as the agency believes, are the vertically integrated business model of the company which covers full production cycle in the nuclear field; large order portfolio; long-term contracts for supplies of uranium, fuel, and enrichment and conversion services.
Financial risks of the company are estimated as low. The vertically integrated business structure and large share of export sales allow the company to have stable and high profit at the EBITDA margin 30%. The debt burden is also estimated as low. At that the agency estimates refunding risks as low due to large liquidity cushion, open credit lines and well-developed relations with leading creditors.
Earlier, Atomenergoprom was given credit ratings by international rating agencies of the Big Three (Standard & Poor’s, Fitch Ratings, Moody’s Investors Service) at the sovereign level.