OJSC Cherkizovo Group (LSE: CHE) one of Russia’s leading integrated and diversified meat producers has been assigned credit ratings by Moody’s.
Moody’s Credit Opinion report released on May 18, 2010 positively reports Cherkizovo’s recent growth, driven by its refocusing on high-margin poultry and pork segments and the material improvement in the financial profile, with strong 2009 financial metrics for the Group’s rating category. Moody’s assigned the following ratings to Cherkizovo Group: (i) National scale credit: A3.ru; (ii) Corporate family: B2; and (iii) Probability of default: B2.
Commenting on the assignment of the ratings, Sergey Mikhailov, CEO of Cherkizovo Group said, “We note that Cherkizovo has been recognized in a high national scale rating and believe the ratings from Moody’s will further increase transparency and understanding of the OJSC Cherkizovo Group. These ratings provide a baseline to measure future improvements against as Cherkizovo’s strong metrics in its high-margin poultry and pork segments build a track record.”