Moscow, Russia – June 3 – Cherkizovo Group (MOEX: GCHE), Russia’s largest meat producer, announces that Expert RA has affirmed its credit rating at ruA+ and revised its outlook from stable to positive.
The outlook was revised on the expectation that the oil extraction plant to be opened in the Lipetsk region in 2022 will boost the Company’s self-sufficiency in raw materials, said Expert RA. According to the agency, the new facility is set to have a positive effect on the level of vertical integration within the Group and help minimize its FX risks thanks to a lower volume of raw materials paid for in foreign currency.
Expert RA also pointed out substantial debt refinancing opportunities for Cherkizovo, citing a high amount of undrawn committed credit facilities and exchange-traded bond and government support programs. Subsidized loans represent around 60% of the Company’s debt portfolio. With the opportunities to refinance its short-term borrowings taken into account, the Group is expected to have sufficient cash to cover its financial and investment expenses, said the agency.
Petelinka, one of Cherkizovo Group’s flagship brands and the best-selling chicken product, has entered into partnership with the iconic GUM Ice Rink, which opens annually on Red Square. This year, visitors will have an opportunity to take a break in the cozy Petelinka cottage and take photos next to a Christmas tree standing on chicken legs.
Cherkizovo Group employees have held a volunteer event supported by the Ray Foundation for Helping Homeless Animals. They brought food, medicines and other useful supplies to two Moscow shelters and helped with dog walking.
Cherkizovo Group’s chicken and turkey products have once again been awarded the annual Product of the Year title, with flagship brands Petelinka and Pava-Pava winning two categories of the award.
Cherkizovo Group, Russia's largest meat producer, is taking part in Our Brand, an international food festival in Ufa. The Company showcased its products during a tasting session at its stand.