EANS-News: C.A.T. oil AG Moody's confirms rating of C.A.T. oil AG
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Ratings/Moody's confirms rating of C.A.T. oil AG
Moody's Investors Service (Moody's) has confirmed today the ratings of four
oilfield services (OFS) companies with major operations in Russia. Today's
rating confirmations comprise the Ba3 corporate family rating (CFR) of C.A.T.
Oil AG with stable outlook.
The rating rationale (excerpts) explains: "The rating remains supported by
CAToil's robust business model with a well-invested modern asset base, track
record of strong financial performance and sound liquidity profile. These
factors provide sufficient flexibility to weather risks related to adverse
market conditions and heavy exposure to rouble depreciation, due to currency
mismatch between CAToil's rouble revenues and euro debt."
"Moody's expects that in 2016 CAToil's operating performance and financial
metrics will remain fairly strong. Although in euro terms Moody's expects
further reduction in the company's revenues as a result of ongoing rouble
depreciation, its rouble revenues should remain flat based on existing
contracts. The company should also be able to maintain its adjusted EBITDA
margin at above 20%, supported by historically strict cost control including the
ability to renegotiate better terms with suppliers and the fact that around 90%
of operating costs are denominated in roubles. Despite some increase compared to
historical levels, CAToil's adjusted debt/EBITDA will remain below 2.0x on a
sustainable basis. Furthermore, Moody's expects that CAToil's liquidity position
will remain solid in 2016. The company's decision to postpone its expansion
programme will allow it to generate positive free cash flow."
"The stable rating outlook reflects Moody's expectation that CAToil will
continue to demonstrate healthy operating and financial results during market
downturn and to maintain a strong liquidity profile and conservative financial
policy."
The consolidated annual report for 2015 will be published on 28 April 2016 after
close of trading on the company's corporate website at www.catoilag.com.
Further inquiry note:
Bernhard Grabmayr
SCHOLDAN&Comp.
Bernhard Grabmayr
office@scholdan.com
+43-1-513 23 88-0
end of announcement euro adhoc
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company: C.A.T. oil AG
Kärntner Ring 11-13
A-1010 Wien
phone: +43(0) 1 535 23 20 - 0
FAX: +43(0) 1 535 23 20 - 20
mail: ir@catoilag.com
WWW: http://www.catoilag.com
sector: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
indexes: SDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt
language: English
