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angle-left null Moody's Agency has affirmed the rating of PJSC TransContainer – Ba3

Moody's Agency has affirmed the rating of PJSC TransContainer – Ba3

Moody's Agency has affirmed the rating of PJSC TransContainer – Ba3

Moody's agency has affirmed the rating of PJSC TransContainer(further – the Company) at the level of Ba3 (“stable” outlook) after revision announced in May 2020. The information is stated in the official release of the rating agency.

Among the factors that played a positive role in keeping the rating of the Company, the agency outlined actions of management aimed at optimized logistics flows and strengthened cost control. These actions together with an accelerated market recovery, helped to improve the Company's financial statements in Q2 2020, despite the challenges causedby the COVID-19 pandemic.

The agency highlighted that an integrated business model and a well-thought-out operating strategy are the main strengths of the Company. Integrated business model allows to secure the Company’s role as a leading player in the Russian container shipping market. A well-thought-out operating strategy is focused on further strengthening of its competitive position, operational efficiency and financial discipline. Also the agency took into account such factors as balanced fleet of fitting platforms and containers, wide network of terminals, diversified customer base and continued growth in operating and financial indicators.

"We are satisfied with our cooperation with the Moody’s rating agency. We believe that Moody’s agency evaluated all the titanicwork that the Company's management did during the crisis for the entire industry. We are now implementing a number of measures aimed at further increase in sales and efficiency of fleet usage. Also we have launched a cost optimization program in all areas of business. The container shipping market is showing strong growth, our forecasts for the second half of 2020 have been updated upward in relation to all significant indicators. The results of the first half of 2020 confirm our expectations: the volume of transportation increased by 10.8% year-to-year, EBITDA increased by 19.2%, net profit - by 16.5%" - explained Pavel Skachkov, the Vice President for Economics and Finance of PJSC TransContainer.