EANS-News: C.A.T. oil AG / Moody's confirms rating of C.A.T. oil AG

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Ratings/Moody's confirms rating of C.A.T. oil AG

Moody's Investors Service (Moody's) has confirmed today the ratings
of four oilfield services (OFS) companies with major operations in
Russia. Today's rating confirmations comprise the Ba3 corporate
family rating (CFR) of C.A.T. Oil AG with stable outlook.

The rating rationale (excerpts) explains: "The rating remains
supported by CAToil's robust business model with a well-invested
modern asset base, track record of strong financial performance and
sound liquidity profile. These factors provide sufficient flexibility
to weather risks related to adverse market conditions and heavy
exposure to rouble depreciation, due to currency mismatch between
CAToil's rouble revenues and euro debt." "Moody's expects that in
2016 CAToil's operating performance and financial metrics will remain
fairly strong. Although in euro terms Moody's expects further
reduction in the company's revenues as a result of ongoing rouble
depreciation, its rouble revenues should remain flat based on
existing contracts. The company should also be able to maintain its
adjusted EBITDA margin at above 20%, supported by historically strict
cost control including the ability to renegotiate better terms with
suppliers and the fact that around 90% of operating costs are
denominated in roubles. Despite some increase compared to historical
levels, CAToil's adjusted debt/EBITDA will remain below 2.0x on a
sustainable basis. Furthermore, Moody's expects that CAToil's
liquidity position will remain solid in 2016. The company's decision
to postpone its expansion programme will allow it to generate
positive free cash flow." "The stable rating outlook reflects Moody's
expectation that CAToil will continue to demonstrate healthy
operating and financial results during market downturn and to
maintain a strong liquidity profile and conservative financial
policy." The consolidated annual report for 2015 will be published on
28 April 2016 after close of trading on the company's corporate
website at www.catoilag.com.

Further inquiry note:
Bernhard Grabmayr
SCHOLDAN&Comp.
Bernhard Grabmayr
office@scholdan.com
+43-1-513 23 88-0

end of announcement euro adhoc
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company: C.A.T. oil AG
Kärntner Ring 11-13
A-1010 Wien
phone: +43(0) 1 535 23 20 - 0
FAX: +43(0) 1 535 23 20 - 20
mail: ir@catoilag.com
WWW: http://www.catoilag.com
sector: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
indexes: SDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt
language: English