PJSC Cherkizovo Group (MOEX: GCHE), the largest vertically integrated meat producer in Russia, today announces that its credit rating was affirmed by Moody’s at B1 level, outlook “stable”.
Moody’s affirmed company credit rating at B1 level, outlook “stable”. In the press release, the credit rating agency states that the decision to confirm Cherkizovo’s rating reflects Moody's opinion that the company's business profile and strong market position will allow it to withstand the deteriorating domestic macroeconomic environment and maintain stable financial performance and sufficient liquidity.
Moody’s also positively acknowledged the fact that Cherkizovo is implementing measures to secure company production facilities during the outbreak of COVID-19 — including observance of social distancing, monitoring employees’ health, and hiring additional personnel as a precautionary for non-disruption of business operations.
Company’s CFO, Ludmila Mikhailova, commented: “In the currently quickly changing macro environment our vertically integrated business model remains resilient. The management team undertakes a number of measures to support operations and financial stability, which is fully reflected in our credit rating affirmation from Moody’s”