Apr 23, 2013 - Aeroexpress’ Credit Rating Upgraded to A+

Aeroexpress’ Credit Rating Upgraded to A+

Apr 23, 2013

23 April 2013, Moscow. The National Rating Agency raised Aeroexpress’ credit rating to A+ on the national scale. The company’s robust financial performance enables it to continue growing at a strong pace, driven by both internal and external factors.

The Aeroexpress rating upgrade was due to several factors, including the company’s strengthened leadership in the intermodal transport segment, proven by the growing number of passengers and increasing market share, strong sales growth and sound business performance, a substantial improvement in the company’s debt profile, and good prospects for further development considering that the company has entered the national market and plans to operate double-deck rolling stock in the mid-term.

“As before, the agency is characterised by a high level of corporate management, information transparency and operational discipline, effective management, a solid technological base, a strong shareholder structure, and the availability of resources and infrastructure of its parent companies”, commented Tatiana Kovaleva, Senior Analyst with the National Rating Agency.

“A rating upgrade to such a level is certainly very good news for our company. The National Rating Agency is one of the leading independent rating agencies. It is a truly remarkable achievement for us to be highly rated by such a reputable institution”, stated Alexey Krivoruchko, CEO of Aeroexpress. “This rating upgrade is the result of the continuous improvement of our services and innovation, which ensures the most comfortable travelling conditions for our passengers. I am confident that A+ is not the last achievement of our company on this rating scale.”

According to the 2012 results, Aeroexpress’ revenue increased by 23% compared to 2011, reaching 4.4 billion roubles. In 2012, the company considerably improved its debt profile, which positively impacted on the company’s financial strength and liquidity. As of the end of 2012, over 89% of financial liabilities were classified as non-current. Additionally, in early 2012, Aeroexpress successfully placed a bonded debt, replacing current liabilities. As a result, the company’s total debt amounted to RUB 2.9 billion. Therefore, the National Rating Agency estimates the external debt, given its structure, as controllable. As of 31 December 2012, the net external debt/EBITDA ratio was 2.4. It is also noteworthy that the company has a positive credit history; liabilities are discharged promptly and in full.

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