Watch Status has been assigned to the credit rating of PKF LLC (hereinafter, PKF or the Company) in view of its technical default on payment of interest (coupon income) for the series 001P-01 (RU000A10E7U2) bond issue. The Agency is currently analyzing the reasons that led to the failure to fulfill this obligation on time.
Watch Status reflects the need to obtain additional information about ongoing events and analyze the impact of this information on the Company’s activities, its creditworthiness and credit rating.
The Company’s credit rating continues to be B(RU), outlook Stable. The credit rating is based on the Company’s weak market position, weak business assessment, low level of corporate governance, small size of business, high profitability, very high leverage, low coverage, and medium cash flow assessment.
PKF manufactures round-knit polyester fabric; it is part of the Fabriks group. The Company operates its own equipment at a production site in the Tula Region with a maximum possible annual output of 1,800 tons of fabric. It also delivers its products from a warehouse in Moscow. The products are sold through an affiliated company, Fabriks LLC. PKF has been a backbone enterprise of the Tula Region since 2020.
potential outlook or rating change factors
The Watch Status assumes that a rating action is highly likely on a horizon of up to 12 months.
Removal of Watch Status and affirmation of the credit rating may be prompted by:
- Fulfillment of obligations to pay interest (coupon income) for the series 001P-01 (RU000A10E7U2) bond issue and recovery of the Company’s liquidity profile.
Removal of Watch Status and downgrading the credit rating may be prompted by:
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Deterioration of the Company’s liquidity profile;
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Failure to fulfill obligations to pay interest (coupon income) for the series 001P-01 (RU000A10E7U2) bond issue within the period of technical default.
RATING COMPONENTS
Standalone creditworthiness assessment (SCA): b.
REGULATORY DISCLOSURE
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Applicable credit rating methodologies, including those used to assess the rated entity’s standalone creditworthiness and rating-sensitive external factors |
1. Methodology for Assigning Credit Ratings to Non-Financial Corporations under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of PKF LLC under the national scale for the Russian Federation. The Watch Status has been assigned in accordance with the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities. |
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First publication date of the credit rating |
December 22, 2025 |
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Last publication date of the credit rating |
December 22, 2025 |
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Next revision of the credit rating and the credit rating outlook |
By December 22, 2026 |
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The Watch Status is expected to be retained for |
One year |
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Material sources of information |
The rated entity, publicly available sources, and ACRA’s own databases. |
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Rating solicitation |
Solicited |
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Limitations with respect to the credit rating or the credit rating outlook, including those related to the quality of information on the rated object available to the credit rating agency |
ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the rating methodologies. No conflicts of interest were discovered in the course of the credit rating process. |
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Ancillary services, if any, provided to the rated entity during the year preceding the rating action, and the period of these services |
None |
