International rating agency Moody's increased the corporate rating of KAMAZ from B1 to Ba3. Rating forecast is "stable".
According to the agency's press release, the rating improvement was promoted by the strong credit profile of the company against the background of recovering demand for trucks and the Moody's expectations that the government will continue supporting KAMAZ.
KAMAZ is the largest Russian manufacturer of trucks with a Russian market share of 51%. The car building company is also a TOP-20 leading manufacturer of heavy trucks in the world.
According to the preliminary operational results, the company's revenue as per the international financial accounting standards has reached 117.9 billion rubles since beginning of the year, which is 26% higher than in the same period last year; net profit exceeded 3.5 billion rubles; the losses of the previous year amounted to 860 million rubles. Investments to manufacturing capacities exceeded 11.2 billion rubles, which is 59% higher than in 2016.
KAMAZ sold 28,791 vehicles in January-October 2017. By the end of the year the company expects to sell more than 38 thousand vehicles, including exported items.
The largest shareholder of KAMAZ is the Rostec State Corporation (49.9% of authorised capital). Another large shareholder is German concern Daimler (15%).
