Изменения коснулись некоторых транспортных развязок, количества протяженности водопропускных труб и количества мостовых и искусственных сооружений. Обновленный проект включает более технологичную и долговечную конструкцию дорожной одежды.
Analytical Credit Rating Agency (ACRA) has confirmed the credit rating of Soyuzdorstroy JSC (AVTOBAN Group) at A-(RU), changing the outlook to "positive", and confirmed the credit rating of bond issues of AVTOBAN-Finance JSC at A-(RU)
Confirmation of the Company's credit rating is due to the preservation of credit metrics within the ranges established for this rating level. The outlook change from "stable" to "positive" is due to the dynamics of reducing the debt burden indicators (the ratio of total debt to FFO before interest and taxes and the ratio of total debt to capital). The continuation of this trend in 2021 and 2022 will contribute to an increase in weighted estimates of these indicators, which may become the basis for revising the Company's credit rating.
Expert RA rating agency has confirmed the creditworthiness rating of the financial company "AUTOBAN-Finance" at the level of ruA. The rating forecast is stable.
The agency conservatively assesses the Сompany’s industry risks. The construction industry is characterized by a long-term work cycle, since the volume of overdue debts of counterparties significantly exceeds the average level in the economy, and the potential market volume is extremely dependent on macroeconomic indicators. As a result, the agency conservatively assesses the industry's exposure to external shocks. At the same time, the agency notes significant experience of the Company and significant revenue growth (more than x2.5) over the past 5 years. With high business growth rates, the Company continues to demonstrate high profitability indicators – over 2019-2021, its EBITDA margin averaged about 15%. The Company has a significant contract base, which will not reduce the current scale of business over the next 5 years, taking into account the operational stage of the implementation of concession projects. At the same time, the contract base is highly diversificated, the share of the largest project does not exceed 30%, which additionally supports the rating assessment. However, about 60% of the current contract base is accounted for by one customer, AVTODOR Group of Companies (ruAA+, stab.), which puts some pressure on the assessment of the Company's business profile. The construction industry is characterized by high competition and, consequently, small entry barriers, which negatively affects the Company's industry risks. At the same time, the Company is one of the three largest players in infrastructure construction, which indicates its high market positions and positively impacts the rating.
