Expert RA rating agency confirms level ruAAA rating for FSUE "Rosmorport"
Expert RA rating agency confirmed level ruAAA credit rating for non-financial company FSUE "Rosmorport". The outlook for rating is stable, Rosmorport says in a press release.
FSUE "Rosmorport" is a strategic systemic company established in order to carry out the effective development and operation of federal property in Russian seaports and on approaches to them. The company's development strategy envisages the implementation of investment projects aimed at increase of transit cargo flow through domestic seaports, including by increase of port capacity. The company is managed by the Federal Agency for Maritime and River Transport (Rosmorrechflot), which coordinates its activities from the coordination of a development strategy to the approval of an annual program of activities. According to the methodology, the company's rating still takes into account the strong state support factor.
The agency assesses positively the resistance of the industry to external shocks. The decrease in cargo turnover in the face of the adoption of restrictive measures taken at the national and international levels in order to prevent the spread of an unfavorable epidemiological situation led to a decrease in collected harbor dues by 11% compared to the same period last year (19.9 billion rubles in 2020 and 22.3 billion rubles in 2019). At the same time, the development of commercial services for the icebreaking, towing and dredging fleet allowed the company to compensate for most of the lost income: the decrease in revenue in 2020 amounted to about 2% year-over-year. Despite the continued decrease in the number of ship entries in 2021 within 3% year-over-year, the agency assesses positively the outlook of the company's income dynamics this year.
The unique role of FSUE "Rosmorport" in the transport industry of Russia determines the agency's high assessment of the company's market positions. Besides, the business profile of the company is supported by the lack of dependence on key customers and counterparties due to the specifics of the activity, as well as diversification of line of services. The rating is also supported by the absence of material currency risk in the company's activities. Tariff risk has a deterrent effect on the valuation of the company's market and competitive positions. Harbor dues, the volume of which is about 70% of the company's revenue, are set by the Federal Antimonopoly Service of the Russian Federation. The agency notes that in recent years harbor dues have not been indexed, which negatively affects the profitability of the main areas of activity and does not allow the company to finance the investment program without attracting borrowed funds.
