OREANDA-NEWS. November 21, 2011. Fitch Ratings has confirmed the long-term rating of Ventrelt Holdings Ltd (ROSVODOKANAL Group is a part of that Holding) in the foreign currency at the BB- level with the Stable outlook. At the same time, on the national scale, the Group long-term rating has been confirmed at the A+(rus) level with the Stable outlook.

As Michael Shneyderman, ROSVODOKANAL General Director, noted, the Group, being the largest private operator in Russia and Ukraine, is implementing investment programs amounting to almost 24 billion rubles with borrowed and own funds. "That rating confirmation with the stable outlook means an opportunity for us to attract credits on beneficial terms, in spite of the laws imperfection, in particular, lack of long-term tariffs and any guarantees of investment return," he said. According to Mr. Shneyderman, the Group will implement its investment policy relying on the usage of the available cash flow and long-term bank loans.

In 2010 financial year ROSVODOKANAL Group got 13 billion rubles in receipts, 8% above the previous year. The interest payment coverage improved in 2010 up to approximately 6.2x as compared with 3.4x in 2009, this being affected by lower interest expenses. Fitch expects that the interest payment coverage should improve even more in the short- and medium-term outlook. In 2010 ROSVODOKANAL Group significantly upgraded its debt structure after issuing internal bonds for the amount of 3 billion rubles maturing in 2015 and with the put date in 2013.

As of the late 2010, the Group long-term debt amounted to 4.4. billion rubles or 83% of all borrowings, including the 13-year credit granted in 2008 by the European Bank of Reconstruction and Development for 1.5 billion rubles.