Last checked at 1 Mar 2016 07:40
Press-release
S&P affirmed NCSP's "BB-" Rating, Outlook Stable
01.03.2016
NCSP Group (LSE: NCSP, MOEX: NMTP) hereby reports, that on February 26, 2016, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating and its 'ruAA-' Russia national scale rating on PJSC NCSP. The outlook is stable.
«The affirmation of the rating reflects our expectation that NCSP will be able to maintain its liquidity position despite the loss of approximately 18.7 billion Russian rubles (RUB) of deposits ($245 million) in Vneshprombank, which had its license revoked by the Central Bank of Russia on January 21, 2016,» - Standard & Poor's said in a statement.
S&P's statement also highlights that, «However, NCSP's operational performance has been better than we expected, and its remaining liquidity should allow for continued debt service. The stable outlook reflects our expectation that NCSP will maintain its operating performance and manage its debt amortization by controlling its development program and dividend distributions».
About NCSP Group
NCSP Group is the largest port operator in Russia and the third-largest in Europe, in terms of cargo turnover. NCSP shares are traded on Russia's Moscow Exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). NCSP Group cargo turnover in 2014 totalled 131 million tonnes. Consolidated revenue to IFRS in 2013 totalled USD 928 million and EBITDA was USD 510 million. NCSP Group consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, and CJSC SFP.
Contacts
Kristina Senko, Public Relations: KSenko@ncsp.com
Mikhail Shchur, Investor Relations: MShchur@ncsp.com