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Expert RA has confirmed the credit rating of Delo MC at ruAA- with stable outlook

Expert RA rating agency reaffirmed the credit rating of Delo Management Company (the parent company of Delo Group) at ruAA- with a stable outlook. The agency recognized the Group's robust market and competitive positions, high diversification of the client base with a favorable debt load and sufficient liquidity level in its release.

According to the agency, the creditworthiness rating of Delo MC is conditioned by a high assessment of the industry risk profile, market and competitive positions in which the company operates, stable debt load, sufficient liquidity level and good profitability. The agency rated the corporate risk level as low. The rating was assigned based on the consolidated IFRS financial statements of Delo MC, considering the significant degree of operational and management integration between assets.

The agency commends the resilience of the Group's transportation and logistics and stevedoring segments to external shocks. The assessment includes the Group's stable position in grain transshipment, record container and grain transshipment volumes and exceeding pre-crisis performance levels in 2019-2022. In 2024, the company managed to draw new customers to its terminals, adapt the structure of cargo handled and increase specific revenue. New container services to China, India, Brazil, other South American and African countries were launched, and the volume of transshipment of general cargo, containerized mineral fertilizers and coal increased. The rating is positively affected by a high level of strategic support and moderately high quality of corporate governance.

“Confirmation of our credit rating at a high level with a stable outlook is a significant factor in the current turbulent financial market conditions, which will enable the Group and its assets to effectively refinance its current debt and raise funds for development and implementation of the investment program,” said Elena Svirina, Deputy CEO for Finance and Sustainable Development of the Group.

The rating has a stable outlook, which implies a high probability of maintaining the credit rating at the current level for 12 months. < Back to list