Fitch confirms the B- rating of Condensate JSC, the outlook is stable

Fitch Ratings confirmed the long-term issuer default rating (IDR) B- of Condensate JSC in foreign currency. The outlook is stable.

In compliance with the report, the rating reflects the small size of the company, the risks connected with the buyers of its products and expected high debt. Currently Condensate JSC has no debts, though the company is going to draw up to $150 million for the modernization of the processing plant. Fitch expects, when the planned program of capital investment financed due to the borrowed funds is fulfilled, the FFO (funds from operation) gross adjusted leverage of the company will reach its peak – 5x in 2015 and reduce to less than 4x when the modernization is completed.

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