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Fitch upgrades Alrosa
Fitch Ratings said it upgraded PJSC Alrosa's long-term issuer default rating to BBB from BBB-. The agency also raised Alrosa Finance SA's senior unsecured debt instrument rating to BBB from BBB.
“The upgrade of the Russian diamond producer reflects the tested resilience of Alrosa's financial policies under difficult conditions during the pandemic, a conservative target leverage of 0.5x-1x net debt/EBITDA on a sustained basis, the decision to increase the minimum liquidity headroom to RUB 50 billion, which extends the period for which inventory build-up can be funded in a downturn, and improved fundamentals in the diamond market,” Fitch said in a press release.
The agency noted Alrosa’s rating now mirrors its stand-alone credit profile and is at the same level as its ultimate majority shareholder Russia’s issuer rating.
The outlook is stable.
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