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Fitch Ratings affirms Aeroflot at BB-

Fitch Ratings affirmed JSC Aeroflot's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BB-', with a stable outlook, the company's press service informed.

While there are alarming signals in the global economy and expectations that macroeconomic indicators will decline, Fitch Ratings' affirmation of Aeroflot's credit rating and rating outlook reflect the agency's opinion that Aeroflot is a key player in the industry with access to reliable infrastructure and good growth prospects.

Aeroflot's credit rating is recognition of the effective policy undertaken by the Company's management to control costs, and it reflects the analysts' expectation that the Company's financial profile will improve in the medium term, the statement points out.

JSC Aeroflot Ц Russian Airlines (tax number: 7712040126) is the largest Russian air carrier accounting for 39% of Russia's international and 11% of domestic air service market. The state owns a controlling interest in Aeroflot (51.17%). The company's fleet consists of Tu-134, Tu-154, IL-96, A319, A320, A321, A330, and B767 airliners.

In Q1 2014, Aeroflot increased its passenger throughput by 15.2% year-on-year to 4.982 million.

IFRS net profit of JSC Aeroflot Ц Russian Airlines for 2013 grew by 41.88% to RUB 7.335 billion from RUB 5.17 billion the year before. Revenue increased by 14.98% to RUB 290.956 billion from RUB 253.039 billion, profit from operations by 78.04% to RUB 19.795 billion from RUB 11.118 billion, pre-tax profit by 23.24% to RUB 13.704 billion from RUB 11.12 billion. EBITDA increased by 52.6% to RUB 31.849 billion from RUB 20.874 billion.

RAS net profit of Aeroflot for Q1 2014 grew by 5.12% to RUB 3.029 billion from RUB 2.882 billion for the same period in 2013. Revenue increased by 14.36% to RUB 46.103 billion from RUB 40.315 billion.

According to the DataCapital information retrieval system, RAS net profit of JSC Aeroflot Ц Russian Airlines for 2013 increased 3.65 times to RUB 11.097 billion from RUB 3.041 billion the year before. Revenue increased by 16.82% to RUB 206.277 billion from RUB 176.584 billion, sales profit by 64.11% to RUB 6.384 billion from RUB 3.89 billion, pre-tax profit 2.57-fold to RUB 16.299 billion from RUB 6.351 billion.

"AK&M", 07.05.2014 15:49


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