EANS-News: C.A.T. oil AG
Moody's confirms rating of C.A.T. oil AG
27.04.2016 – 18:00
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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