S&P raises Alrosa’s credit rating to ВВВ-, outlook stable
Alrosa, the world’s leader in diamond mining, reports raising of its long-term credit rating by S&P Global Ratings international rating agency to BBВ-, the outlook is stable.
The agency notes positive trends in the diamond market, Alrosa’s strong profitability, solid global market share, improved financial stability, and strongly positive free operating cash flow (FOCF) generation by the Company and development of its key business.
“We are happy that the agency highly rated our work that allows demonstrating strong profitability. Low leverage and cost control allow the Company to ensure positive cash flow for the development of its key business, financial stability and dividend payout to shareholders. To maintain comfortable leverage level, we are planning to keep debt to EBITDA between 0.5х and 1.0х,” says Alrosa Deputy CEO Alexey Philippovskiy.