Fitch Ratings has affirmed OJSC Yakutsk Fuel and Energy Company's (YATEC) Long-term foreign currency Issuer Default Rating (IDR) of 'B-' with Stable Outlook and subsequently withdrawn its ratings, the rating agency informed.
The affirmation of YATEC's ratings follows the company's performance being generally in line with Fitch's expectations during 2013. Its 2013 production was 1,729 million cubic meters of gas, a mere 0.3% of Russia's total for the year, and 88 thousand tons of condensate.
YATEC repaid a RUB3bn domestic bond in full in 2013 and also dramatically reduced the amount of guarantees given to related parties compared with end-2012.
Fitch has withdrawn YATEC's ratings as the agency no longer has sufficient information to maintain the ratings after YATEC has chosen to stop participating in the rating process. Accordingly, Fitch will no longer provide ratings or analytical coverage for YATEC.
JSC YATEC (Yakutsk Fuel and Energy Company, tax number: 1435032049) is the only enterprise supplying gas to the central part of the Sakha Republic (Yakutia). YATEC accounts for about 65% of the natural gas extraction volume in the Republic's territory and satisfies 90% of Yakutsk's gas demands. Its annual gas extraction volume is 1.7 billion cubic meters of gas and 88 thousand tonnes of gas condensate.
According to the DataCapital information retrieval system, RAS net profit of YATEC for 2013 grew by 9% to RUB 836 million from RUB 769 million the year before. Revenue increased by 5% to RUB 4.988 billion from RUB 4.735 billion, GP was RUB 2.405 billion compared with RUB 2.324 billion in 2012.