National Rating Agency LLC increased the credit rating of Oil Resource Group LLC to the BB+|ru| level on the national rating scale for the Russian Federation, with the stable outlook.

The increase in the credit rating of Oil Resource Group LLC to the "BB+|ru|" level was due to the improvement of the corporate governance and risk management system, as well as the increase in the level of permanent capital.

The stable outlook implies a high probability of maintaining the current rating level over the next 12 months.

The company's rating at the "BB+|ru|" level is ensured by: high receivables turnover; comfortable level of permanent capital; improvement of the corporate governance and risk management system; low dependence on major suppliers and buyers; transparent ownership structure.

Key positive factors for the rating assessment:

• High receivables turnover. For the period from 01.10.2023 to 30.09.2024, it was 19 days (2023: 24 days)
• Comfortable level of permanent capital. Taking into account lease obligations, the ratio of equity and long-term debt to assets as of 30.09.2024 was 0.6 (as of 31.12.2023: 0.3). More than half of the Company's debt is formed by a bond issue in the amount of 1 billion rubles with a maturity of April 2027, with a fixed rate, without amortization and offers. The company is also a guarantor for bond issues of the Group’s parent company (guarantees for 600 million rubles)
• Improvement of the corporate governance and risk management system. The Management Board and the Board of Directors were formed at the Company level in 2024. They included two independent members. Provisions on managing liquidity risk, credit risk, and operational risk were approved. An internal control service was formed
• Low dependence on suppliers and buyers. The share of the main supplier in the cost price is less than 20%, the share of the largest buyer in revenue is about 13%. The company sells almost all of its products on the domestic market; and deliveries can be made throughout Russia
• Transparent ownership structure: 100% of shares belong to Kirillitsa JSC, which is fully owned by the Company's co-founder, Garagul Semyon Sergeevich. Kirillitsa JSC performs the functions of the sole executive body of the Company.

In 2023, the National Rating Agency assigned Oil Resource Group the credit rating at the BB||ru level, with the stable outlook.

Full credit rating information.