Mar '08
The estimation of the base credit is expressed by points of a scale from 1 up to 21 where 1 represents the lowest credit risk.
Its raise for Nizhnekamskneftekhim Inc has been favored by the following positive dynamics:
1) substantial growth of the company size from the time of its first rating;
2) decrease of extent of concern with issues of the credit, relating to realization of the investment program (by the end 2007 the 60 % of the program valued 889 million US dollars have been executed without greater delays and over expenditures);
3) start-up of polypropylene and polystyrene units with annual production rate 180 thousand tons and 100 thousand tons and an increase in production of halobutyl rubber up to 50 thousand tons/year which in 2006-2007 have provided growth of sale of products with a high added value of 11 % (this figure has increased up to 59 % compared to sales in 2007);
4) significant economy of power due to the use of its own power plant, providing 25 % of the company needs;
5) decrease of its own and loaned funds ratio (leverage), due to reduction of debt and EBITDA growth (Earnings before Interest, Taxation, Depreciation & Amortization);
6) demonstrated ability to protect a marginal profit, despite of waiver from traditional agreements under reduced prices with suppliers and the customers, controlled by the same share holder (??IF).
Nizhnekamskneftekhim Inc is one of the major producers of monomers, rubbers, plastics and other petrochemical products in Russia and Europe.
In 2006 the sales' volume of the company reached 53 billion Russian rubles (about 2 billion US dollars), and EBITDA – 7.6 billion Russian rubles (about 252 million US dollars). Approximately half of income is gained due to export sales.
Nizhnekamskneftekhim INC
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