Fitch confirms Transmashholding’s BB rating with stable outlook


The international rating agency Fitch confirmed Transmashholding’s BB long-term local and foreign currency credit rating, with a stable outlook.

The decision reflects Transmashholding’s high credit quality. Fitch analysts point to Transmashholding’s high operational stability and resilience to the risks associated with the impact of the coronavirus pandemic on the business climate, its leading position in the domestic market, as well as good long-term relationships with key customers.

TMH’s leading market position ensures stable demand from key customers over the medium and long term, the agency notes.

In addition, Fitch views positively TMH’s desire to increase the group’s presence in foreign markets. The share of exports in the company’s revenues is steadily increasing, reaching the 10% mark in 2020.

We also note TMH’s stable access to debt capital markets, as evidenced, in particular, by its RUB10bn bond issue in June 2021. The company has good long-term relationships with its main lenders and has successfully refinanced its short-term debt facilities using available bank limits.

Transmashholding was first assigned a Fitch rating of BB- in December 2016. In January 2018, it was affirmed with a positive outlook. In February 2019, the rating was upgraded to BB- with a stable outlook.

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