ACRA upgraded the credit rating of IMCB, PJSC, to BBB-(RU) with a Stable outlook

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ACRA analytical credit rating agency has upgraded the credit rating of IMCB, PJSC, (Gemabank, ticker: GEMA) to BBB-(RU) with a stable outlook according to the national rating scale for the Russian Federation.

The credit rating upgrade was the result of the credit rating upgrade of Artgen Biotech (ticker: ABIO) to the BBB-(RU).

Gemabank is a subsidiary of Artgen Biotech and serves as the guarantor for its bonds and one of the key sources of project funding, therefore, the influence of the group on the company was taken into account in the course of the company's creditworthiness assessment.

KEY ASSESSMENT FACTORS:

  • Average assessment of the operational risk profile.
  • High business profitability.
  • Low debt burden and an average debt service level.
  • Strong liquidity and a very solid cash flow.

Gemabank is a biotech company engaged in personal stem cell storage and the development of gene therapy medicines for the treatment of blood and immune system diseases. The company's share in the Russian market remains about 40% (at the end of 2023, over 40 thousand samples were stored at Gemabank). IMCB operates in 150 cities of Russia and is represented in Kazakhstan and Armenia.

See ACRA rating at https://www.acra-ratings.ru/press-releases/4937/