×
For more information, get in touch with our team:
+44 7918 53 08 73
Hint mode is switched on Switch off
DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS
  • High performance interface for global bond market screening
  • Full information on close to 450,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 90 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

Russian Cosmetics And Personal-Care Products Producer Concern Kalina (JSC) Upgraded To 'ruA+'

April 17, 2008 Сbonds
MOSCOW (Standard & Poor's) April 17, 2008--Standard & Poor's Ratings Services said today that it raised its Russia national scale rating on Concern Kalina (JSC), Russia's largest cosmetics and personal-care products producer, to 'ruA+' from 'ruA-'.

"The upgrade reflects Kalina's favorable operating performance trend and our expectations that the company will retain relatively low leverage, despite possible external growth," said Standard & Poor's credit analyst Anton Geyze.

Kalina has been able to grow its operations and maintain strong market shares in its key segments of Russia's competitive cosmetics and personal-care products market. In addition, despite strong growth and higher working capital, Kalina has managed to preserve moderate exposure to financial risk.

Kalina's marginally positive free operating cash flow easily enters negative territory when market growth requires bigger working-capital outlays, as happened in 2007.

This puts additional pressure on the company's financial profile. However, we expect Kalina's continuing profitable growth to result in better working-capital management and, consequently, positive free operating cash flows.

"We expect the company to maintain current levels of short-term funding access on the strength of its moderate leverage levels and growing cash flows from operations," said Mr. Geyze.
Company — Kalina
  • Full name
    open joint stock company Kalina
  • Registration country
    Russia
  • Industry
    Chemical and petrochemical industry