ACRA upgrades Cherkizovo Group’s credit rating to AA-(RU)
Cherkizovo Group (MOEX: GCHE), Russia’s largest meat producer, announces that the Analytical Credit Rating Agency (ACRA) has upgraded the Company’ credit rating to AA-(RU) and revised its outlook to stable.
According to ACRA, the change in the credit rating comes from higher cash flow estimates driven by the Group’s expected revenue growth across all segments and the completion of the main investment program in 2022. The agency highlighted the Company’s strong market position and robust business profile relying on solid product diversification and efficient vertical integration supported by the launch of an oil crushing plant. ACRA forecasts Cherkizovo’s revenue to grow in 2023 driven by both the production assets acquired last year and stronger sales of high value-added products.
Commenting on the upgrade of Cherkizovo Group’s credit rating, ACRA experts also emphasized the Company’s medium leverage, high profitability, and ample liquidity resulting from significant undrawn credit limits.
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